Ponder just one paragraph from Barnhardt's February 29th blog rant On Money, Banking and Men:
In addition to the slow grinding debasement by the Fed, the Marxists have finally fully usurped and overthrown the government of the United States, and thus have now executed the coup de grace: wild, flagrant money “printing”, and by “printing”, please understand that we are not talking about the fabrication of paper bills. We are talking about computerized entries into the Federal Reserve’s ledger. The Fed literally types in an addition of x billion or y trillion dollars into its balance sheet – creating dollars out of thin air that exist as zeroes and ones on a computer server – and then use those new dollars to purchase US Treasury bonds. In this way, the Obama regime and its puppetmasters have debased the US dollar by roughly one half the total GDP in less than four years. This iteration of both the United States and the US Dollar are over. There is no way to walk back the damage that the Obama regime has done. They have accomplished their mission, no matter what happens from this day forward.Now, how about another view of Barnhardt's observation? Strip away talk of Marxists and Obama. Just look at the money supply.
graph comes from the St. Louis Branch of the Federal Reserve Bank.
It shows the U.S. dollar's adjusted monetary base.
Barnhardt's right. A bunch of zeros have been added to the money supply, a bunch of dollars created from nothing, and they've been shoved out into circulation.
Is she right about the other stuff too? Don't get too hung up on Barnhardt's declaration that Marxists are responsible. The more pertinent issue is whether, as she believes, the damage done is irrevocable.
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