It's pouring money. Today the Federal Reserve committed $800 Billion more:
The Federal Reserve took two new steps to unfreeze credit for homebuyers, consumers and small businesses, committing up to $800 billion.
The central bank will purchase as much as $600 billion in debt issued or backed by government-chartered housing-finance companies. It will also set up a program of $200 billion to support consumer and small-business loans, the Fed said in statements today in Washington.
$200B is partially aimed at credit card debt. They want consumers to use more credit cards.
Great! Nothing on predatory lending, excessive fees...
yet another $800 Billion, just like that.
Is this now in addition to the $7.76 Trillion from yesterday?
Meanwhile Jim Rogers is saying the dollar will be devalued and no longer a reserve currency:
The U.S. dollar will be ``devalued'' as policy makers seek to weaken it, undermining the greenback's role as an international reserve currency, said Jim Rogers, chairman of Rogers Holdings in Singapore.
``They think that if you drive down the value of your money, it makes you more competitive, now that has never worked in history in the long term,'' said Rogers.
Get that? Rogers is saying the Federal Reserve and our government is purposely trying to weaken the U.S. dollar.
That's some trade policy now isn't it?