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Never Say Never to Monetization
by The Mogambo Guru
If you want to know what kind of monetary morons we have in charge of the Federal Reserve, then you have come to the right place, because a record of sorts was set last week, in that the loathsome, disastrous Federal Reserve bought up - in the last 12 short months - $1.011 trillion in US government securities! Yikes!
And remember... This is the Federal Reserve! This is a lousy private bank operating irresponsibly, at the behest of the Congress, and whose shadowy owners include, to one degree or another, foreigners and foreign central banks that are operating by the grace of their own governments which are just as corrupt and desperate as our own, but it was the Fed that created enough money to buy a trillion dollar's worth of US government bonds for itself! A trillion!
It's called "monetizing the debt", which Ben Bernanke said, in response to a direct question about it recently, that the Fed would "never" do! "Never" has now been re-defined to mean "continually?" Hahaha! Too much!
...
And this brings up the interesting point that since the national debt is $11,790 billion and this "interest on the national debt" is $260 billion, this means that the government is paying an average of 2.2% interest! Wow!
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http://www.safehaven.com/article-14432.htm
by The Mogambo Guru
If you want to know what kind of monetary morons we have in charge of the Federal Reserve, then you have come to the right place, because a record of sorts was set last week, in that the loathsome, disastrous Federal Reserve bought up - in the last 12 short months - $1.011 trillion in US government securities! Yikes!
And remember... This is the Federal Reserve! This is a lousy private bank operating irresponsibly, at the behest of the Congress, and whose shadowy owners include, to one degree or another, foreigners and foreign central banks that are operating by the grace of their own governments which are just as corrupt and desperate as our own, but it was the Fed that created enough money to buy a trillion dollar's worth of US government bonds for itself! A trillion!
It's called "monetizing the debt", which Ben Bernanke said, in response to a direct question about it recently, that the Fed would "never" do! "Never" has now been re-defined to mean "continually?" Hahaha! Too much!
...
And this brings up the interesting point that since the national debt is $11,790 billion and this "interest on the national debt" is $260 billion, this means that the government is paying an average of 2.2% interest! Wow!
..
http://www.safehaven.com/article-14432.htm
How much did the Fed monetize officially, I know about the 300 billion Treasury bonds, but is 1.25 trillion in MBS monetization ?
Fed's Evans expects Fed to complete entire MBS buy program
Wed Sep 9, 2009 9:50am EDT
NEW YORK, Sept 9 (Reuters) - The Federal Reserve will likely buy the entire amount of the agency mortgage-backed securities it said it could buy, Chicago Fed President Charles Evans said on Wednesday.
While it was a "fair question" to wonder whether the Fed needs to buy the entire $1.25 trillion of MBS it said it could buy, given the better tone in the U.S. economy and the beneficial impact the purchases have already had, he said:
"I expect that we would continue with the entire amount."
Evans is a voting member of the central bank's Federal Open Market Committee in 2009.
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http://www.reuters.com/article/marke...00328220090909
Wed Sep 9, 2009 9:50am EDT
NEW YORK, Sept 9 (Reuters) - The Federal Reserve will likely buy the entire amount of the agency mortgage-backed securities it said it could buy, Chicago Fed President Charles Evans said on Wednesday.
While it was a "fair question" to wonder whether the Fed needs to buy the entire $1.25 trillion of MBS it said it could buy, given the better tone in the U.S. economy and the beneficial impact the purchases have already had, he said:
"I expect that we would continue with the entire amount."
Evans is a voting member of the central bank's Federal Open Market Committee in 2009.
..
http://www.reuters.com/article/marke...00328220090909