A long time ago, the Simpsons did an episode about Congress creating a trillion dollar bill to rebuild Europe after World War II. Apparently, a few pundits and at least one Congressman think that was a documentary:
Rep. Jerrold Nadler has an admittedly “out of the ordinary” solution to the coming fight over the debt ceiling.
“There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin
Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation
I am not a huge fan of Rick Perry, but I love the drama his warning to Obama and Bernanke, whom he basically warned not to straddle hard working and worried Americans with even more economic damage from the inflation that is sure to be caused by the feds simply printing dollars and spending them – in the hopes of temporarily fooling enough people about the economic disaster they have left us with and squeaking … Read more
