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Can our economy be saved by having the Fed print ever more money and buy ever more mortgage bonds and Treasury bonds

By   Follow Me on Twitter     Message Richard Clark     Permalink
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Synopsis of a report by financial analyst Martin Weiss:

If Fed Chairman Ben Bernanke honestly believes what he said at Jackson Hole on Friday -- that he can save the economy by essentially printing more money and buying more bonds -- he's "gone round the bend."

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Consider the facts, Ben: Through the first quarter of this year, you and your Fed created $1.5 trillion of paper money and bought $1.5 trillion in mortgage bonds, government agency bonds, and Treasury bonds. And yet the entire effort was a dismal failure; the U.S. economy is still sinking and most large American banks are still weak.

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The underlying reason for this sinking and this failure is this: While the government has been borrowing massively, nearly everyone else has embarked on unprecedented debt liquidations.

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How do we know this? Because that's what the Federal Reserve itself is reporting -- unambiguously and conclusively.

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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)
 

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