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Federal Reserve Bank Is Buying
No worries. The Fed will buy $300 billion worth of US government
debt and an additional $750 billion of mortgage-backed
securities issued by the government-sponsored enterprises Fannie
Mae, Freddie Mac and Ginnie Mae, for a total of $1.25 trillion.
Concerns about a potential lack of investor interest in buying
US debt were baseless because the Fed will now create money out
of thin air to buy it. Oh, and as an aside, the US taxpayers get
to pay the Fed interest on the money that it creates. This is a
Question: Why do we need the Federal Reserve to create our money? Wouldn't it make more sense for the United States government create its own money? At least then we would not be required to pay interest to a private institution that creates our money on a computer and then sells it to us. Just a thought.
And by the way, the Fed is buying your mortgage with the money that it creates out of thin air. By the time this is all over, the Fed will own most of the real estate in the country. They are also expanding their purchases to credit card debt, automobile debt and anything else they can get their hands on. This no longer sounds like a free society to me. The Federal Reserve and the government via Fannie Mae and Freddie Mac will soon own the vast majority of real estate. The US Treasury already owns AIG, Citigroup, Bank of America, and so on and so forth. They have their grubby little hands all over GM and Chrysler and a lustful eye on Ford.
Workers around the country are losing their jobs or being asked to take pay and benefit cuts. Bankers around the country are paying themselves lavish bonuses with money given to them by our government. They are repossessing properties that they now own based on money that they created out of thin air. Welcome to the United States of Wall Street, one nation, completely indebted, divided into the bankers and the debtors, with liberty for no one and injustice for all. How many Wall Street executives have lost their jobs at the firms that the government has bailed out? Answer that question and you know all that you need to know.
Don't forget to take a look at the debt clock. Remember it passed $11 trillion last Friday. It has increased by over $50 billion in less than a week. Quite impressive. The next time you hear someone from Congress or the White House talking about a spending bill, listen to what they say about how they plan to pay for it. I'm willing to bet that they will say nothing. Why? Because we have passed the point of being able to repay our debt. Unless of course they debase the currency to the point that it is worthless, as they did in Zimbabwe.
Prediction: The current Washington mantra is that we must engage in massive unprecedented deficit spending in order to avoid a catastrophe. What they haven't said is that the catastrophe would have been for the friends of government, namely Wall Street executives, not ordinary people. Our catastrophe is forthcoming. After the government finishes giving the banks trillions of dollars, they will begin a series of announcements about how broke we are and then they will:
1. Dramatically increase taxes and fees,
2. Drastically cut social welfare and entitlement programs.