Friday, March 20, 2009

1327 Obama - AIG smoke screen

Glenn Beck

I've been telling you for weeks to not be distracted by the "big news of the day" because it's usually just a smokescreen. But on Wednesday, I fell for it myself.

While everyone — including me — was taking sides on the AIG bonuses, something much more important was happening: The Fed announced it will pump a $1 trillion into the system by buying debt from our treasury.
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That last line of defense was just hung over "patient America" yesterday, but we were all — and that includes me — too focused on AIG to notice.

Here's what this means: We're borrowing money from ourselves to pay for programs we can't pay for.

And that's why the price of gold shot up about 75 bucks in 18 hours. Investors aren't stupid. They know the risks this poses, especially to inflation and our dollar.

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