Strike The Root: Planning to Retire?

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April 20, 2005

Planning to Retire?

Harry Dent used to get $50,000 per speaking engagement for telling people why the Dow would hit 40,000 by 2008, then plummet to 10,000. As Gary North explains, it seems Harry was convinced that this time the Fed was counterfeiting money in a responsible manner, and he managed to get millions of people to agree with him.

North also includes something quite rare in discussions of money: a clear explanation of how the Fed raises interest rates.

The FED does not permanently raise rates by handing out a press release that says, "We will decree higher rates." It does so by having Greenspan tell Congress something about protecting the dollar against inflation. Then the Federal Open Market Committee (FOMC) backs up Greenspan’s words by reducing the rate of purchase of government debt.

In other words, to raises rates the Fed slows down the printing presses.

Posted by George F. Smith at April 20, 2005 11:06 AM

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