The unprecedented expansion of the Federal Reserve’s balance sheet over the last few years looks like it may be setting citizens up for a “bond bubble,” and future currency crisis of historic proportions. Looking over the $17 trillion in national debt and the Fed’s creation of over $3.5 trillion all on its own, should give even a high school dropout with basic math skills pause. Now I know I may be preaching to the choir, but there is a large percentage of the population that is comfortable with, or oblivious to, the spiraling debt. “The deficits don’t matter,” is often their flippant claim. BS, spouted off by elected officials like Dick Cheney, and akin to a two pack-a-day smoker justifying continuing to smoke because he hasn’t gotten cancer, yet. These deficits do, in fact, matter when they get too large. And guess what? OUR DEBTS ARE TOO LARGE!
Tag Archives: Federal Reserve
The United States gave birth to an abomination on December 23, 1913. It was conceived by a group of men right out of Rosemary’s Baby and consummated in a secret gathering place known as Jekyll Island. Some of the richest and most powerful men in America would go on to be its Godfathers. They nurtured this demon spawn and played wet nurse as it was sold to the public as the new panacea that would free us from the evils of the business cycle. The abomination they created is none other than the Federal Reserve.