QE3

QE3 is coming in some form or another. No matter, because they are all euphemisms for money-printing. 

Remember a few years back, when the Fed started QE1, and said that they have an exit strategy? Well guess what, we've gone through QE2, and looking at the prospect of QE3. 

Like Peter Schiff said, the US economy is on drugs -- in this case cheap money. For decades, they have been borrowing and printing and consuming, without paying much in return. If this drug of cheap money is taken away, the US will undergo a painful withdrawal period, something which the politicians are trying to avoid. Of course, taking the pain as early as possible would be best. But that's not a politically-expedient thing to do. The politicians are trying to cure drug addicts by shoving more drugs down their throats.

This will ultimately end in a US currency crisis. American standards of living will fall drastically. There will be Greek-like protests on the streets.

I hope that the crisis which is coming will educate the public more about monetary issues, and particularly about Austrian Economics and its teachings of sound money and civil liberty. The world is being robbed blind and stripped of their freedom by the politicians and bankers, and they don't even know it. Even when riots occur, it is more because of desperation on the people's part rather than a true understanding of the principles of sound money and liberty. Although this may send signals to the politicians and bankers that they cannot do anything they want all the time, the underlying problem is still there. The same problems will surface again in the future, just like they have in the past history.

I am hopeful that one day, schools will teach Austrian principles instead of Keynesian ones, which has failed the world in the past few decades.