QE3 Will Not Work

As QE 1 & 2 showed.

Is it any wonder that Stephen Roach is now ex-Morgan Stanley? Today’s brilliant truthiness in his interview on Bloomberg TV is an absolute must-watch as the veteran market practitioner notes that the Fed is forced to act next week and while consumers are telling you that they want to pay down debt – which all the monetray stimulus in the world is not going to change – that QE is nothing but crack to a ridiculously addicted market…

http://www.zerohedge.com/news/stephen-roach-smokes-crack-addicted-market-qe3-not-going-work

If the PTB want to fix the economy, the must first end the Fed.  Any solution that maintains privately issued fiat currency must necessarily fail for everyone but the banksters.

Related:

One FED critic was a Texas Congressman, Wright Patman. He really hated the FED. He was a Greenbacker. He wanted Congress to control money, issuing greenbacks on its own authority, and paying no interest on the national debt held by a commercial bank. He was thrown out of his position as chairman of the House Banking Committee in 1975. He died in office almost exactly when Ron Paul was sworn in. Patman had served since 1925. He became legendary for a question directed to Arthur Burns, FED chairman under Nixon. “Can you give me any reason why you should not be in the penitentiary?”…

…Over the next decade, central banks will have their respective moments of truth. They will be called upon to bail out the West’s economies, from Eastern Europe to China. The deeply confessional religion of fiat money as the creator of wealth and the guarantor of stability will suffer from events that do not conform to the confession. As surely as the voters of Massachusetts in 1833 abandoned two centuries of established churches, so will voters decide that West’s central banks are liabilities.

It may take two decades to unseat them, but they will be unseated. Religions that fail to deliver the goods always are…

http://news.goldseek.com/LewRockwell/1343052300.php

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