- the Federal Reserve announced on Wednesday that it will keep interest rates near zero and will purchase $85 billion in bonds every month until unemployment falls from its present 7.7% to 6.5%
- The newly unveiled numerical policy guidelines offered the most specific suggestion yet that the Fed is willing to tolerate slightly higher inflation as it tries to juice up a moribund economy and spur stronger job growth. ( Reuters link)
- Since that effort failed to create economic growth, and the Fed has no more short-term securities left to sell, the Wall Street Journal says the Fed will “effectively print more money” out of thin air to fund the scheme.[emphasis added]
- Since 2008, the Fed has more than tripled the size of its portfolio of assets to $2.861 trillion.
Put the coin in the Social Security lockbox which currently has only IOUs. How is that any different than this story?
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