Print. Stimulate demand. Inflate commodity prices. Crush demand. Print. The Obama-Bernanke Groundhog Day economic cycle. The fact most of the money being created is being steered into the capital markets, well, that's good for stock and bond prices. And it probably was a solid strategy from an economic standpoint at the beginning. Regrettably, the administration focused all its efforts on a variety of pet projects instead of high rate of return programs like housing, controlling China, and energy. All that "stimulus" money has gone down the drain, from a practical standpoint. But it has remained in circulation, pushing consumer prices higher.
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The federal deficit has shoveled $5.5 trillion of new money into the system since the current administration took over. The Federal Reserve has created at least $2.5 trillion more, probably $3.0 trillion after the latest gambit in Europe. Despite all that, plus renewed stimulus efforts in Europe and China, real growth in the U.S. is stuck at a 2.0% annual rate. Personal income growth is zero. ("You can have a performance review if you want one. But either way, you won't get a raise.")
Maybe the American people will fight through the Government's policy obstacles. The Federal Reserve recently indicated the economy was looking good and more stimulus won't be necessary. But that's what they said the last three years, as well. What if the economy can't get rolling? More deficit spending and QE-3, most likely. Groundhog Day!