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Just today, the Fed scraped together a desperate, last-minute agreement to provide a jaw-dropping $85 billion in funding to save AIG (the insurance firm). Why did they do this? Because if they hadn't stepped in to save AIG, the entire global financial system would have collapsed within days. That's no exaggeration. The Fed was the bailout funder of last resort, and it has just barely averted a global financial disaster so large, nothing in the history of human civilization even compares. This is what happens when $445 trillion in leveraged financial instruments start to unravel... But the rescue was done by creating money from nothing and injecting it into the system. That $85 billion, it turns out, dilutes the existing money supply, making your dollars increasingly worthless, and in the months ahead, everything you buy is going to get more expensive: Food, supplements, gasoline, rent, health care services and much more. Bailing out the rich while stealing from the working classThe Fed, in essence, is stealing billions of dollars from the American people and using it to bail out rich bankers and powerful CEOs of huge financial institutions. That $85 billion is on top of another $70 billion the Fed created just two days ago. It totals $155 billion, or over $500 for every man, woman and child in America. Think about it: The Fed just reached into your pocket and stole $500 worth of purchasing power from you, and if you have a family of four, they just stole $2,000 from you.And yet that's only how much they stole in the last two days! Add in all the money creation cash injections in just the last few months, and you get a HUGE number... $200 billion in March, $30 billion to bail our Bear Stearns, $70 billion to prevent a stock market plunge... the numbers just keep mounting. The Federal Reserve is literally printing its way to YOUR bankruptcy. To prevent the failure of wealthy financial institutions, it has decided to decimate the life savings of the American people. The way out? Hyperinflation of the currencyIt's no surprise, of course: Every nation throughout history has done the same. When push comes to shove, governments always sacrifice their people to save their wealthy elite, and the U.S. is no different.This is a "Once-in-a-century type of event," says former Federal Reserve Chairman Alan Greenspan said on ABC television. "There's no question that this is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go," he added. These words, remember, are from the king of understatement. When the dot-com crash took place, he famously called it an era of "irrational exuberance." Now he's calling this a once-in-a-century event. That means this is bigger than the '87 "black Monday" crash, and possibly bigger than the Great Depression in '29. Who will bail out the U.S. government?As banks are failing, the FDIC is bailing them out. The FDIC, of course, insures banks against catastrophic loss. Thanks to a string of recent bank failures, the FDIC is now down to its last $43 billion in reserves. Sounds like a lot, right? Well consider this...Get articles like this delivered to you FREE in our popular email newsletter Related CounterThink Cartoons:
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