Did The Fed Just (Surreptitiously) Bail Out Europe?

The Market Ticker ^ | 04/12/2010 | Karl Denninger

[Mr. K]

SEND THIS LINK TO RUSH, HANNITY, BECK, PALIN, FOXNEWS

[Abigail Adams]

What kinds of changes have you made re: lifestyle? Just curious, as maybe we can learn something.

[bert]

Actually, the American Secretary of the Treasury, a Mr white I think, was the primary developer. Keynes was there but mostly to lend a diverse flavor to the process.

[Tublecane]

“Keynes was there but mostly to lend a diverse flavor to the process.”

He was also, I’d say, one of the intellectual inspirations for the whole endeavour. Though international credit bubbles predate his popularity. So it might be said that Keynes was part of a long line of thinking. I just like to throw his name around, personally. But I often wonder to myself, since when did governments need to be intellectually inspired to do what comes naturally (i.e. spending other people’s money), anyway? Keynes can hardly be blamed, as no doubt we’d have some international system for funneling paper money to preferred customers around the globe without him.

[sauron]

Just had a friend--a former stockbroker--glance at it and he had the answer: It's a $400B purchase of our own T-bills, because nobody else was willing to buy them.

We're officially monetizing the debt, folks.