Virtual money

Reader comment on: Bezos Versus Bernanke

Submitted by Fast Eddie (United States), Feb 5, 2013 14:28

Don't one or more of the 'virtual life' websites have their own currencies? I've never used any of these sites but read about them some time ago and got the impression that they had millions of users of their 'virtual currencies' and the Feds had not tried to stop them. Indeed, if I remember right, the 'virtual money' was freely purchased, and converted at will, to and from U.S. currency deposited at the sites via credit and debit cards. As for what Bernanke has done to the dollar, not only has he destroyed a very vital income stream that retirees (such as myself) depended on, i.e., interest on savings, but he has also created a situation where employers must pour billions of dollars into their pension funds because those funds contribution rules, enforced by the Feds, require employer contributions to rise when interest rates fall because falling interest rate result in falling returns on assets in the funds. The 'Bernanke Balance Sheet' at the Fed has now crossed the $3 Trillion dollar mark is, at the rate it is rising, should cross the $4 Trillion dollar mark sometime this year of early next year. But, not to worry, Ben says he can unwind it all without rippling the markets or causing inflation. And, he has a bridge he wants to sell.

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