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Is the US Government Now Borrowing Entirely from Itself?
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Is the US Government Now Borrowing Entirely from Itself?

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Is the US Government Now Borrowing Entirely from Itself?

The government has borrowed from itself ever since the Crash of 2008. By now the Fed, that is, the government, owns more US debt than anyone else, even more than Japan or China. And this excludes what the government holds in its phony social security trust funds. This just counts debt bought by the Fed.

Fed chairman Bernanke has hidden all this behind a fig leaf. The Fed won’t buy US treasury securities in its new QE 3 program. It will buy mortgage securities, usually backed by agencies of the government. In that way, the Fed can deny that it is buying up the government’s deficit directly.

Is the US Government Now Borrowing Entirely from Itself? -
This is absolutely not financially sustainable.

And the writer of this article makes one, singularly, important goof when they characterize the Federal Reserve as the government: the Federal Reserve is a private central bank, and no more "Federal" than is Federal Express.

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