Making our dollars worth less sounds like an incredibly stupid idea.
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The nomination of Janet Yellen to replace Ben Bernanke as head of the Federal Reserve encourages international financial markets to assume Obama administration has no intention of stopping the printing of money anytime in the near future.
“The Fed will be looser for longer,” wrote Ambrose Evans-Prichard, the international business editor in London for the Telegraph on the prospect of Yellen’s nomination. “The FOMC (Federal Open Market Committee) will continue to print money until the U.S. economy creates enough jobs to reignite wage pressures and inflation, regardless of asset bubbles, or collateral damage along the way.”
The Federal Reserve’s balance sheet has grown from an asset base of less than $1 trillion prior to the recession to a current level of $3.6 trillion. the increase is largely due to the purchase of U.S. Treasury and U.S. agency debt, principally mortgage-backed securities in nature, in a debt-buying program known as “quantitative easing,” or QE.
Currently, the Fed holds more than $1.2 trillion in MBS and other federal agency debt and over $2 trillion in U.S. Treasury debt – the largest amount of federal debt the Federal Reserve has held since its founding in 1913.Continue reading on www.wnd.com