More Fed Pumping
December 12th, 2012Who needs the Chinese to buy this stuff? Not the Fed.
Via: Bloomberg:
The Federal Reserve will amplify record accommodation tomorrow by announcing $45 billion in monthly Treasury buying that will push its balance sheet almost to $4 trillion, according to a Bloomberg survey of economists.
Forty-eight of 49 economists predict the Federal Open Market Committee will purchase Treasuries to bolster an existing program to buy $40 billion in mortgage bonds each month. The panel pledged in October to continue that plan until the labor market improves “substantially.”
“It’s going to be massive and open-ended in size,” said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York and a former New York Fed economist.
So we have QE infinity, TWIST, and now this all starting up for around $125 billion a month???!!! Meanwhile, congress and the white house have no intention of cutting the budget, we’re borrowing $.46 for every dollar spent, interest rates are at zero percent, inflation with this fiscal nonsense is realistically over 15%, derivatives are at $1.5 quadrillion, NDAA 2013 was passed without a peep and actually over funded, the F-35 JSF is a dead end, the F-22 is a disaster, we’re still building aircraft carriers, Obama wants jamie Dimon at the treasury despite his losing $7 billion overnight a few months ago, but we’re not in a recession, unemployment is going down, blah, blah, blah. I feel like I’m gonna drown in the insanity of all this bullshit. We are BROKE.
Whenever we do not have the military might to force other countries to buy and sell oil using only the US dollar is when the value of the dollar will really go to nothing.