If the government printed the money it needs, instead of allowing the criminally syndicated Fed to do it for us, there would be no federal debt, and therefore no interest to be paid on it, which interest payments are continually foisted off . . onto we citizens of the US. (Hence the need for all of us to pay much higher income taxes than we would otherwise have to pay.)
In other words, Uncle Sam borrows bucks and you and I become automatically indentured to pay the interest that all T-bill holders collect! By this means we citizens and taxpayers even make regular multi-million dollar payments to the Fed itself, a privately owned bank! Remember, as of August, 2014, the Fed held approximately $2.3 trillion in long-term Treasuries (T-bills), and is buying ever more of them, at the rate of $85 billion a month! So how is this not a criminal enterprise? If you go to a loan shark, at least you get to have the money in your hand and can spend it before you have to repay the loan and the interest.
Boosting the revenues, earnings and political influence of Elites, fiefdoms and special interests
Yes, Medicare spending is rising at 6% - 7% annually, regardless of which political party is in power, and Social Security spending is outstripping the system's tax revenue income. But clearly, a National Security State with few if any meaningful restraints on its spending (no "anti-terrorist" dictatorship shall go unrewarded/unfunded, etc.) or influence has added trillions in spending with little oversight or accountability.
The same can
be said of the endless trillions squandered by bailing out the banks and
related financial Elites, including the quasi-Federal agencies (Fannie Mae and
Freddy Mac) that funded the criminal enterprise known as the housing
bubble/bust. In December 2008, the Fed
started buying longer-term Treasury securities as well as the debt and the
mortgage-backed securities (MBS) of Fannie Mae and Freddie Mac, two government-sponsored
enterprises (GSEs). The Fed announced it
would purchase up to $100 billion of the GSEs' debt and up to $500 billion of
their MBS from both banks and the GSEs themselves. Link
If the majority of the additional Federal spending was in fact squandered so as to boost the revenues, earnings and political influence of Elites, fiefdoms and special interests, then the taxpaying citizenry footing the bill did not receive any measurable benefit from all this additional debt. As previously observed, the taxpayers have in effect been forced to borrow vast sums from the world's biggest loan sharks and are not even getting to spend the borrowed money on themselves: the borrowed money is instead being squandered on the Elites, with taxpayers being expected to pay interest on this immense and fast-rising debt.
How is this not
a criminal enterprise? Link
Moreover, the QE programs have been so controversial because they effectively exchanged cash--created out of thin air--for bank assets that had dramatically declined in value. From the perspective of banks, the QEs could be judged a success because the purchases strengthened their financial position.
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