VIRTUAL STRATEGY | April 3, 2012
Dyke says, “Ron Paul is the only candidate addressing the heart of America’s financial woes, the Federal Reserve System. Since the crisis began the Fed has consistently been more interested in bailing out Wall Street rather than Main Street. The Fed, with its zero interest rate policy, has ruined the currency through inflation by turning the central bank into a printing press, a long used trick of fallen empires.” The author continues, “Dr. Paul is the only candidate addressing the core economic issues facing America; unsustainable wars, bankruptcy of the country, debauchment of the currency, corporate welfare, and a collapsed middle class”.
“Federal Reserve officials have proven to be clueless about major economic issues”, the author states. In transcripts released in January 2012 confirms the author’s comments. Ben Bernanke, chairman of the Federal Reserve in March 2006 said, “I think it is unlikely we should see growth derailed by the housing market” and called the housing boom “a healthy thing.” Timothy Geithner, also in 2006, then president of the New York Fed and now U.S. Treasury Secretary said, “We see a pretty healthy adjustment process underway…The world economy still looks robust to us.” Alan Greenspan, Bernanke’s predecessor, ignited the speculation bonfire in subprime mortgages and leveraged buyouts by giving banks essentially free money by dropping interest rates to zero. Greenspan also endorsed interest only mortgages, a poor choice for most people, but a highly lucrative product for Wall Street and the banks.
The author concludes, “Ron Paul is the only candidate consistently warning us of the destruction of the currency by the Federal Reserve. The massive use of printed paper money causes inflation and economic repression—enslaving this and future American generations. By holding interest rates close to zero for so long, The Federal Reserve has crushed savers, hurt the elderly, turbocharged speculation, forced Main Street into volatile stocks and mutual funds, and created a nightmare for pension funds will make Greece look like a warm up exercise. ”
In his new book, The Pirates of Manhattan II: Highway To Serfdom, the author unveils the problems of lobbying, a dysfunctional debt-laden media industry, impotent financial regulators, hypocrisy of elites and the inevitable train wreck for retirement savers with 401(k)s invested in mutual funds in general and target-date funds in particular. The book, sold exclusively off of http://www.thepiratesofmanhattan.com is selling well throughout the U.S., Canada and Europe. The author urges Americans return to the fundamentals of saving in this recent interview at The American College video. The author also gives readers ways to rebuild their balance sheets.
Below is an interview Mr. Dyke did with The Wealth Channel, in which he discusses some of his views on the economy and equity investing strategies.