Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

‘Printing Money Like Gangbusters’

February 10, 2012 by  

Bond guru expects much more inflation. Pimco founder and co-Chief Investment Officer Bill Gross warns that central banks are “printing money like gangbusters.” Our own Federal Reserve is leading the way. The Federal Reserve balance sheet, which stood at $869 billion in August 2008, passed $2.9 trillion at the end of 2011. The manager of the world’s largest bond fund points out that money printing increases the risk of reflation. “That’s why we’re seeing the pop in oil and gold etc.,” Gross said.

Consumers reduce credit card debt. Although today’s Straight Talk column talks about the astronomical debts Americans owe (both private and public), there was one piece of good news last year: The average amount owed on personal credit cards dropped by 11 percent in 2011, according to one tracking firm. The average amount owed fell from $7,404 to $6,576. With some cards charging upward of 15 percent interest, that’s still a hefty amount in debt service; but at least it’s getting better.

Do we really need a leap second? Because it takes our planet slightly longer than a year to circle the sun, we add one day to our calendar every four years to compensate. Thus, a friend of mine who’s been around for 64 years gets to celebrate her “Sweet Sixteen” birthday this Feb. 29. But I didn’t know that in the interest of even greater accuracy, scientists have also been adding a leap second to atomic clocks every so often. The next one is due to be added this June 30. Do not bother to adjust your watch.

I don’t think MIA meant No. 1. The most exciting Super Bowl in many a year is now history. Congratulations to Eli Manning and the New York Giants for an extraordinary victory over Tom Brady and the New England Patriots. The only thing I found disappointing were the ads, which weren’t nearly as captivating as they’ve been in the past. I chose to miss the halftime show, so I didn’t see Madonna cavorting like a teenager or British singer MIA with her rude lyrics and crude gesture — none of which would have added to my enjoyment of a great game.

–Chip Wood

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

Facebook Conversations

Join the Discussion:
View Comments to “‘Printing Money Like Gangbusters’”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.