The continuing implosion of the U.S. economy in the aftermath of unprecedented federal bailouts and unemployment programs has now brought forth a stunning loss of 484,000 jobs in a single week. What remains uncertain is when this news will penetrate the consciousness of policy makers in the White House and on Capitol Hill.
According to a new study by the Cato Institute, the gap between the haves and the have-nots in the United States continues to widen. This isn’t much of a surprise; we’ve all become accustomed to the dire warnings, mostly from anti-business liberals within the government, about the rich getting richer and the poor getting poorer. The irony is that those rich, over-privileged classes include – indeed, are dominated by – government employees.
When the Federal Open Market Committee announced yesterday that “the pace of economic recovery is likely to be more modest in the near term than had been anticipated,” stocks in Europe lost three percent of their value, interest rates on the U.S. 10-year Treasury note dropped startlingly as investors ran to safety, and the dollar hit the lowest level against the Japanese Yen since 1995.
An April report from the International Monetary Fund promoting a world central bank and a global fiat currency went totally undetected by the global press for months, but after a blog post earlier this month on the Financial Times’ website, it is now in the media spotlight.