Here comes more monetization: Fed Undertakes QE3 With $40 Billion Monthly MBS Purchases. JWR’s Comment: Oh great, Mortgage Backed Securities derivatives. Your tax dollars at work, buying up dodgy debt.
Reader G.A.H. was the first of several readers to mention an interesting parallel to the opening chapter of my first novel, Patriots: Germany Says ‘Great Uncertainty’ About US Debt. Here is the proverbial “life imitates art” quote: “German Finance Minister Wolfgang Schaeuble questioned on Tuesday how the United States could deal with its high levels of government debt after November’s presidential election. In private, German officials often express concern about U.S. debt levels and the inability of politicians there to reach a consensus on how to reduce it, but Schaeuble’s public remarks underscore the extent of the worries in Germany.”
Items from The Economatrix: