EconomyEdwin Vieira, Jr. is an attorney who has won three cases before the Supreme Court of the United States. He earned four degrees from Harvard University, including his doctorate.  A popular speaker, he is also the author of the monumental two-volume survey of monetary history in our nation entitled Pieces of Eight.  He resides in Virginia.  The following interview was conducted by John F. McManus, publisher of The New American.

Ben BernankeFederal Reserve Bank Chairman Ben Bernanke told reporters at the Fed's first ever press conference April 27 that the Fed's Open Market Committee will not change existing policies that are suppressing interest rates to nearly zero and will complete purchase of $600 billion in federal government debt securities. Bernanke also predicted inflation will stay under control and the economy will grow only slowly for three more years.

"I'm sure the rising cost of energy is bothering the market," said Fred Dickson, chief investment strategist at D. A. Davidson & Company last week. "I do think the uptick in gasoline prices will have an impact on consumer spending in the next few quarters."

The International Monetary Fund (IMF) now predicts that the size of China’s economy will surpass America’s by 2016, far earlier than most mainstream economists have been forecasting. Some analysts ridiculed the Fund’s prediction, but others warned that it could happen even sooner.

Zhou XiaochuanChina's Central Bank Chairman Zhou Xiaochuan told a Chinese monetary conference last week that “Foreign-exchange reserves have exceeded the reasonable level that our country actually needs,” which is essentially code for China won't be buying U.S. government debt any more. China's foreign currency reserves exceeded $3 trillion at the end of March, more than $1 trillion of which is U.S. government debt.

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