Tuesday, August 17, 2010

There Will Be No Double Dip... It Will Be A Lot Worse

At Zero Hedge, Egon von Greyerz of Matterhorn Asset Management:
Very few people understand that money printing is a form of robbing the citizens of their money and their work. Money is supposed to be a medium of exchange for goods and services equalling the value of the good or the service produced. For example, an individual works extremely hard to earn an annual wage of say $40,000 which he receives in the form of paper money. The government, due to its mismanagement and incompetence simultaneously prints $40,000 in order to cover its deficits. So the government has by pressing a button produced the same amount of money that a man had to work a year for.
RTWT

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