Saturday, February 27, 2010

Sorry, now it is too late

From The Wahington Times: "... With uncharacteristic bluntness, Federal Reserve Chairman Ben S. Bernanke warned Congress on Wednesday that the United States could soon face a debt crisis like the one in Greece, and declared that the central bank will not help legislators by printing money to pay for the ballooning federal debt.
Recent events in Europe, where Greece and other nations with large, unsustainable deficits like the United States are having increasing trouble selling their debt to investors, show that the U.S. is vulnerable to a sudden reversal of fortunes that would force taxpayers to pay higher interest rates on the debt, Mr. Bernanke said...."
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Comment:  You're too late, my friend. The Fed's statement is of little use because now we are already beyond the point of no return. For the Fed's trouble to keep up with current developments, see my article: "Trouble at the Fed".

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