Wednesday, March 25, 2009

The Fed - Lender of Last Resort. Are We Really There Already?

Today the Federal Reserve Bank began buying Treasury Bills to underwrite the currency of the United States. Since the Fed is also the one who circulates the debt funded currency, what we really have here is paying for our National Mastercard with our National Visa card.

It really reminds me of the old Cheech and Chong movie where one of them was going to make some money selling pot. He had done very well ... selling it, on credit, to himself.

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