According to the Wall Street Journal today, the Fed thinks we’re in good shape.
Dennis Lockhart, president of the Fed Bank of Atlanta, said the Fed’s key rate, which stands at just 1.0%, could “in theory” go down to zero if problems persist, and said this could be considered.
Speaking during a question-and-answer session after a speech at an economic conference, the Fed official also said that the creditworthiness of the U.S. is “in good shape…at least at this stage.” As such, he said officials still have the ability to fund measures to improve strained credit markets.
Despite concerns that even if the U.S. can get the needed funding, it should resist because of rising debt levels, Lockhart said the national debt is “still in an acceptable range.”
I may be one of the few left who think government shouldn’t be allowed to operate with funds it doesn’t actually have, or to print money that isn’t actually backed by anything but I’m stubborn and I’m sticking to my viewpoint.
The people who control America’s financial system do not have my support or my cooperation. In fact, I’ve been considering what I can do to move at least a significant percentage of my economic activity “off the grid” – I want to transition out of the system of economic slavery as much as possible while being practical about it.
Tips and ideas are welcome. Dennis Lockhart is entitled to his opinion but I think he’s a silly man supporting a broken system.