Sunday, December 5, 2010

Bernanke lied

Remember when he said he would not monetize the debt? Well either he is lying or Forbes magazine is clueless.

 Forbes:

"Yes he did, as clear as day to the House Budget Committee back on June 3, 2009.   And yet 17 months later Bernanke gave us QE II, which not only means the Federal Reserve will be purchasing about $75 billion a month in assets for the next 8 months, but as it so happens, some $110 billion in Treasury Notes and Bonds too.  That’s enough to finance the U.S. government’s projected fiscal deficit right up through June 2011, in full."
Bernanke lied and of course nobody in Congress is doing anything about it. The money printing is going into commodities like oil, food, and gold. Your costs to survive are going up and will continue to go up. As long as the banks and the Federal government are taken care of screw you middle class and poor people.

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