Robbery Writ Monumental


David Calderwood
Lew Rockwell
March 21, 2009

Correct me if I’m wrong:

Bernanke’s Fed is colluding with Geitner’s Treasury to monetize massive amounts of government debt, releasing the Head Clown and the clowns in Congress to spend themselves silly because the Fed will simply provide infinite money more directly than ever.

[efoods]Had I realized these creeps were so creative in stealing what I’ve sacrificed to save, I’d have simply consumed it like all the rest of the sheeple in America. At least I’d have enjoyed the party I could have thrown.

The one fly in this ointment is the fact that there is an outstanding $11 trillion on budget as we speak, and those who own it are not robots.

If you had $100 grand in a 401(k) and taking it out prematurely would yield only $50 grand, you’re likely to let it ride. But if you realize that the people managing it are eroding it fast, and you believe 50 cents on the dollar is better than nothing, you may very well liquidate it even at a steep loss.

Among bondholders, are the folks managing China’s ownership of U.S. treasury debt going to sit back and watch as Bernanke’s masked men walk into their offices in broad daylight and announce they’re going to dilute the value of China’s holdings faster than their computer screens can refresh the image of the numbers?

Let’s take this mental exercise to its conclusion. What if the Fed monetizes all $11 trillion of that debt? What if the Fed ends up owning $15 trillion, $20 trillion, even $30 trillion worth of taxpayer obligations to the United States Government?

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