Bloomberg: Bailout Process a “scam”; destroying “democracy”; impending “Weimar Republic”

April 14, 2009
By

Read the entire article, especially towards the end where they talk about how the Fed will have to start issuing it’s own securities so that they can buy out more of the American economy without having to ask for permission from Congress.

Some choice quotes:

“Here’s a sketch of how it works. Many financial institutions have reserve accounts with the Fed. If one of them shows up with an asset it wants to ditch, the Fed takes it and ratchets up the balance in the reserve account. This means that the Fed is effectively summoning cash out of thin air to purchase the assets.

“This means that the Fed is printing cash at a rate that, while not threatening historic records set in Weimar Germany, promises to create substantial inflationary pressures once the economy revives.”

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