The Nobel Prize For A Con (eCONomics)

U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press ... that allows it to produce as many U.S. dollars as it wishes at essentially no cost. ... ...the Fed could find other ways of injecting money into the system--for example, by making low-interest-rate loans to banks or cooperating with the fiscal authorities ... If we do fall into deflation, however, we can take comfort that the logic of the printing press example must assert itself, and sufficient injections of money will ultimately always reverse a deflation. Remarks by Governor Ben S. Bernanke, Before the National Economists Club, Washington, D.C. November 21, 2002 (ellipsis mine)

In the last 5 years more than10 trillion dollars were printed and the world is awash with dollars.

"Lendings by US commercial banks in the period 2000 to 2004 soared by altogether

USD 1,500bn to USD 6,750bn. In the European Monetary Union lending to the private sector by monetary financial institutions (MFI) climbed from roughly EUR 6,200bn end-1999 to not quite EUR 8,700bn at the end of last year." - Allianz Report, Dresdner Bank.

Commodity prices are going through the roof. The recipients of this largesse, mainly Western banks have made (it is whispered) bad loans worth 300-400 billions dollars. The final figure may be larger.

Asians Are Funding The US

Who had landed with this hoard of dollars - getting devalued daily. China (with more than 1 trillion dollars), Japan (another trillion dollars), Russia (400 billion dollars), India (300 billion dollars) are the top 4 countries.

I hereby nominate the US Federal Reserve for the Nobel Prize for Conmanship. They truly deserve it.