Monday, October 29, 2007

Heading towards Hyperinflation

We all loved hearing the stories as kids about how you could move to some third world country with $10,000 American dollars and live like a king. When 1 American dollar was worth 100 or even 1,000 dollars of another country's currency it made us feel all warm and fuzzy inside knowing that taking vacations or buying products from a foreign country was a great value.

Now the tables have turned and foreigners are buying up our real estate because our currency is becoming so devalued that they can buy an equivalent house here for 50% less than they could in their own country due to exchange rates.

When Bernanke cuts rates again, this problem will be further exacerbated. It is time to face the truth that Wall Street and the fed are destroying the middle class. How much longer can stagnant wages continue to endure $4.00 a gallon gas and milk?

Wake up!

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