Posted on 09/22/2013 3:06:19 PM PDT by Olog-hai
The same day that the Federal Reserve’s Federal Open Market Committee announced last week that the Fed would continue to buy $40 billion in mortgage-backed securities (MBS) and $45 billion in U.S. Treasury securities per month, the Fed also released its latest weekly accounting sheet indicating that it had already accumulated more Treasuries and MBS than the total value of the publicly held U.S. government debt amassed by all U.S. presidents from George Washington though Bill Clinton.
Since the beginning of September 2008, in fact, the Fed’s ownership of Treasury securities and MBS has increased sevenfold.
As of the close of business Thursday, the Fed said, it owned approximately $2,052,055,000,000 in U.S. Treasury securities and approximately $1,339,771,000,000 in mortgage-backed securities—for a combined total of about $3,391,826,000,000 in Treasury securities and MBS. …
(Excerpt) Read more at cnsnews.com ...
Many people American and worldwide used to buy our Obama_gov’t issued Federal debt. The Chinese stopped about two years ago.
So the Federal Reserve (a private bank owned by our largest American banks) stepped into the breach and is buying what the Chinese and others used to
(simplified explanation)
More frightening than the Chinese owning just less than 10% of our debt is that the government pension system owns over 1/3rd. That is money that will have to be paid.... round and round we go.....
You mean the Federal gov’t pension system? Please clarify.
Sorry, had not been around. Should have said the government owns most of our own debt. Social security and various government pension funds own a sizable amount of the debt. If you count social security as a pension fund (most do) it gets pretty ugly to think about default. Other countries own about 1/3rd of our debt.
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