It turns out that the $850 billion dollar lifeline that Congress gave to the Secretary of the Treasury to toss about as he wishes in an effort to rescue his hapless financial institution buddies is just a drop in a much larger bailout bucket.
In the past couple of days it has come to light that the Federal Reserve already has disbursed $2.8 trillion out of $7.4 trillion that it has allocated for the same purpose. That right, trillions.
That comes to $24,000 for every person -- every man, woman, and child -- in the U.S. Enough to pay off about 60% of all of the nation's outstanding mortgage debt.
Where's the money coming from? Well, the Fed is just printing it. This, of course, cheapens the dollar, deflating its value, which in turn is theft from the buying power of the earnings of working people, and of anything and everything Americans have been able to save for the future.
Adding insult to the injury of theft, the unaccountable to anybody Fed is refusing to disclose the recipients of its largess and what, if anything, its getting in return for the mind boggling disbursements.
Can there be any doubt that hyperinflation lies ahead?
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