The low interest rate hurt the US economy by preventing it from restructuring. The FED is very political. If they had raised interest rates sooner, they would have caused the bubble to burst a lot earlier. Now, the FED knows we need higher interest rates, but it wants to postpone the consequences until a later date.

We need a truly independent Federal Reserve. It needs to have less power, and we need people in there who understand economics. Ben Bernanke is completely clueless. It would be better to get rid of the Federal Reserve completely.

Many people are making the wrong decision by buying 30-year Treasuries. This carries a tremendous amount of risk. When the dollar is wiped out, these assets are going to go along with it. It would be better to buy gold or silver or bonds in foreign currencies.

You can buy bond portfolios or just buy the foreign bonds directly. It isn’t too hard. There are still countries out there that are rated AAA.