Financial elite’s fancy footwork deprives the average worker

There has been an inordinate amount of posturing by the US Federal Reserve regarding the raising of dollar interest rates.

First we hear they’ll go up, then the action is postponed, only to be resurrected with more hawkish pronouncements a few weeks later.

Then it’s postponed once more. In the meantime we’re bombarded by a flood of economic data – non-farming payroll jobs, retail sales, jobless, manufacturing, new housing starts, inflation, gross domestic product growth – while the financial world waits with bated breath for each sacred utterance and the markets react in knee-jerk sympathy to every bulletin.

We’re repeatedly told that America is in great health, but I suspect the data is manipulated.

Jake van der Kamp describes many of the US employed as burger flippers (“China’s yuan policy not the reason for job losses in US”, July 12).

With US$20 trillion of debt, and with far greater unfunded liabilities, the US has no hope, and clearly no intention, of ever paying any of it back. So where’s the money going to come from to fund interest payments on another rate rise? Especially as we’ve been told that the US$4.5 trillion printing exercise euphemistically known as “quantitative easing” has been discontinued.

With Europe, China and Japan in the same boat, more and more people will come to realise that our fiat currencies are worth little more than the paper they’re printed on.