the usual routine
Sent out another e-mail to Representative Miller, and Senators Stabenow and Levin-again!
I would call, but I don't want to rack up long distance charges, especially when I have to be put on "hold".
My message is as follows:
This “rescue” plan, no matter how good it sounds, will not help the “middle class” or curb the problem of excessive debt and over-consumption in the long run.
The proposal SEC. 202 allows banks to lend with ZERO reserves whatsoever. This will certainly lead the way to hyperinflation, and debt growth like never before. Fractional Reserve banking is already bad enough-"zero reserve" banking will be even worse.
This "crisis" has NOTHING to do with the "private sector" or "free market" but everything to do with the Federal Reserve's easy-money policy and excessively low interest rates. Lowering interest rates again or ordering hundreds of billions of dollars for "liquidity injections" into the stock market and to "fix" this crisis will not solve anything-only make things worse.
The “excess” speculation in energy markets is a direct result of Fed monetary policy and their attempts to “avoid a recession”.
It is bad enough we are throwing hundreds of billions of dollars in an unconstitutional empire-building war in Iraq. Printing out $700 billion more just to "prevent another Great Depression" will only make our debt load worse.
Bottom Line-There is no way now to "avoid a recession". We can either plunge into Zimbabwe-style hyperinflation and suffer for decades to come as a result of passing this so-called "rescue" plan, or allow a deflationary spiral now that could last just a few years by letting the plan fail.
In the messages to Miller and Levin, I also included a warning that their chance of re-election would be jeopardized should they vote for this egregious wave of hyperinflation in the name of "saving the middle class" and "preventing another Great Depression".
I did not include the statement about speculation and monetary policy in the message to Miller, however.
