Growing up in a depressed mining area (coal mining isn’t profitable for anyone but the mine owners) teaches you things you would never learn otherwise. This is the only advantage of growing up economically challenged. The word poor is so not cool anymore.

A few weeks ago, when the U.S. Federal Reserve announced a strategy designed to bring down long-term interest and home mortgage rates through unlimited Treasury bond purchases, government debt staged a spectacular rally.

And this, together with the economic disaster that is already out there, only proves the utter, utter failure of the Federal Reserve to ‘preserve the value of the dollar’, which is their freaking mission in life. Morons!

Dollar plunges to 13-1/2 year trough vs yen, below 88… European, U.S. government debt touch fresh historic lows… Morgan Stanley’s, PNB Paribas’ losses lead stocks lower… Oil slips; OPEC’s record cut doesn’t offset demand slide

Bill Bonner says the world as we know it is finished. We are entering a new era of inflation and dollar weakness, and it’s here to stay. Even T-bonds aren’t a safe haven anymore…

“And one of the sensitive Mogambo Economic Tremor Detectors (METD) shows that the apparent slowdown in Total Fed Credit for the past few months has now been revealed as a mirage, and Federal Reserve Credit has now ballooned another $6.1 billion…”