The Comedian's "Economic Holocaust" ping list...
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Posted on 12/22/2010 3:00:48 PM PST by FromLori
We just hit another milestone in insanity.
I’ve written before that thanks to its QE lite and QE 2 programs, the Fed is now officially the single, largest owner of US debt. However, even that nonsense pales in comparison to the Fed’s latest accomplishment, that of owning over $1 TRILLION in US debt.
That’s right, as of yesterday afternoon the Fed now owns over $1 trillion in US debt. This amounts of over 7% of the US’s total debt, own by our central bank.
Now, many commentators have pointed out the various ways in which this policy has endangered the US’s balance sheet, economic clout, and currency. However, there’s one element that NO ONE seems to have picked up on. That is…
You, me, and everyone else in the US, is now PAYING the Fed for its insane, anti-Middle class policies.
Remember, we are continually paying the debt via interest payments drawn up from tax receipts. Thus, by buying up US Treasuries, the Federal Reserve is in effect reaping interest payments from the US populace.
Now, consider that none of us had any say in the Fed’s policies, nor the appointment of our esteemed Fed Chairman, Ben Bernanke. None of us voted for him. None of us influenced his policies. And, at this point, virtually none of us approve of what he’s doing.
But ALL of us are NOW paying him and the Fed for doing it. In fact, because the Fed is officially the single, largest owner of US debt, the Fed is, in effect, raking in more money from our debt situation than ANYONE else on the planet.
Thus, we are paying LITERALLY for the insane policies of the US Federal Reserve. Never mind abstract arguments of “paying” for the Fed’s mistakes in the sense of the US Dollar collapsing or the US’s economy imploding. We are LITERALLY paying BILLIONS in interest payments to the Fed.
This in turn means we are:
1) Helping the Fed to continue destroying the US Dollar 2) Funding the Fed’s bubble-blowing efforts 3) Financing the very same policies that have eviscerated the Middle class and retirees
Given that we have no vote or say in the Fed’s actions, I know of only one way to deal with this situation and that’s to buy assets that will maintain their purchasing power and produce REAL returns to counteract the Fed’s anti-Dollar policies.
we are now on borrowed time too. None of our elected leaders can comprehend our national problems. Fools.
I am not sure that the Fed has any choice. How else can the Fed finance our growing debt? Perhaps if the fed refused to stop financing our growing debt, politicians would listen. Of course, we should stop unsustainable spending. The actions of the fed seem irrelevant if we do not break our spending addiction. With the widespread belief that government spending is a free lunch, I see little hope to reform the addiction. The public should believe that government spending is a free good because it has been a free good. The end of the era of free government spending is fast approaching.
Everything that liberals do is insane.
Game over.
Stocking up my sailboat just in case.
[The actions of the fed seem irrelevant if we do not break our spending addiction.]
But . . . the spending addiction will continue as long as the Fed can print wallpaper money. The crash is coming, many now know this is the case, but the vast majority are ignoring the Tsunami, wading out to pick up pretty seashells.
The USA public ,young and old, had best take notice of this and get serious about it. This is not debt owed to citizens, it is debt owed to a foreign cabal set up by an imported European banker with the enablement of President Wilson under the misleading description of Federal Reserve. The big boys have kept the scam going since then by having the President with consent of (you name them) approving the chairman.
What?
The world is awash with dollars. Flooded, stuffed. The Fed is ‘printing’ money because ....who knows. Revolt? Fedgov and the Mini-me’s of the states, cities, municipalities would have to pay 100% or more to attract investors. IE, like the rest of us slobs. This would further rustle the sheeple.
Instead the Fed and Washington prefer to ruin dollars, steal from savers and future generations.
The USA public ,young and old, had best take notice of this and get serious about it. This is not debt owed to citizens, it is debt owed to a foreign cabal set up by an imported European banker with the enablement of President Wilson under the misleading description of Federal Reserve. The big boys have kept the scam going since then by having the President with consent of (you name them) approving the chairman.
Them boyz gittin real close to the edge, now...
I agree about the spending however the interest we pay the Fed could be eliminated our Constitution allows us to coin our own money and that interest we pay them is a huge expense.
Hmm. I think I saw a movie like this once..
Mother: Warning... the option to abort self-destruct sequence has now terminated.
Ripley: Mother, what now?
Mother: ...CREW EXPENDABLE...
EOM
Ripley: You [insert expletive for female dog here]!
Recipe for ultimate destruction of America: Add debt for:
. amnesty for illegal aliens (adding millions of "new citizens"),
. continue to implement new taxes and monetary policies forcing businesses to close or drastically reduce production and ultimately tax dollars received,
. sneakily implement part of Cap and Trade upon Americans, increasing gasoline prices, grocery prices, electric and natural gas prices, causing devastating new unemployment, financial burden upon Americans as never before seen or experienced
I think this is called monetizing the debt. It’s not a good thing, if my understanding is correct.
Thanks I listened to that a few days ago really chilling to hear it laid out like that.
Nah, it's okay now.
Happy Days Are Here Again.
The funny thing was this article you posted reminded me to look for it. I had heard about it today.
Watched about half of it on another tab, clicked over and posted the link here.
I’m going to finish watching now and throw up my supper.
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