Crisis Exposes Devastating Consequences of Fed Policy: Americans Have No Savings Two weeks ago, during a March 17 address to the nation in response to the COVID-19 outbreak, President Donald Trump asked that Americans work from home, postpone unnecessary travel, and limit social gatherings to no more than 10 people. And last week, on March 27, Trump signed a stimulus package of over $2 trillion dollars to provide relief to an economy on the precipice of collapse. The aid package includes handouts and loans to individuals, small businesses, and other distressed industries. Despite Trump’s “having created the greatest Economy in the history of our Country,” when the markets tanked, massive and immediate government intervention was the only thing left to forestall a total collapse. So why can’t greatest economy in the world can’t handle a temporary shock without needing trillions of dollars injected to stay afloat? The Federal Reserve and its vicious and ongoing war on savers are to blame. Using the Federal Reserve Note – commonly (but incorrectly) referred to as the dollar – introduces a dilemma. Because of inflationary monetary policy, Americans have long been forced to select among three undesirable options: A) Save. Hold Federal Reserve Notes and be guaranteed at least 2% in purchasing power every single year. B) Consume. Spend Federal Reserve Notes on immediate goods and services to get the most out of current purchasing power. C) Speculate. Try to beat the Fed’s deliberate inflation, seeking a higher return by investing in complicated and unstable asset markets. With businesses and Americans defaulting on their rent and other obligations only days into the collapse, the problem is clear: Few have any savings… and why should they when saving their money at negative real rates of return has been a sucker’s game? Lack of sound money, or money that doesn’t maintain its purchasing power over time, has discouraged savings while encouraging debt-financed consumption. http://news.goldseek.com/GoldSeek/1585932662.php