The United States just moved closer to 3rd World status today. The Federal Reserve has announced QE3. This time it will be unlimited until they feel economic stats are better. In other words, they want to lower American’s standard of living by printing money.
The Federal Reserve decision is out, and it’s a biggie, causing the Dow to surge 155.
There are two main components.
The first is that the Federal Reserve has extended its guidance for low rates through 2015.
The second is that there’s going to be open ended quantitative easing.
The Federal Reserve will buy $40 billion worth of Mortgage Backed Securities without end.
Whereas in the past the Fed always announced a specific amount of QE, this time there will be no stop until the Fed is happy with the pace of recovery.
Tags: Ben Bernanke, QE3
