The Fed is creating more money out of thin air.
The Fed and the US government are lying to the people (all of the time):
“You are saying that buying 300 billion dollars of debt by the Fed is not monetizing?”
Timothy Geithner: “Absolutely not.” (!!!)
(Start watching at 9 minutes)
Next thing Timmy will tell us is that taxes are to be seen as income for every US citizen.
Change you can believe in!
Oct. 9 (Bloomberg) — The Federal Reserve bought $170 million of two-year notes sold yesterday by Fannie Mae, the quickest purchase after issuance of benchmark bonds from the company or similar institutions since the central bank began acquiring so-called agency debt.
The purchase was part of $2.6 billion of buying today, the New York Fed said on its Web site. The central bank listed the notes among ones it would accept bids for yesterday, about 90 minutes after Washington-based Fannie Mae announced the results of its $5 billion sale in a statement.
The Fed last month said it would begin buying “on-the- run” agency debt, or the most recently issued notes in different maturities. It has purchased $136.3 billion of Fannie Mae, Freddie Mac or Federal Home Loan Bank bonds since December, according to data complied by Bloomberg.
The $200 billion program was extended to March 31, from yearend, by the central bank last month. David Giradin, a spokesman for the New York Fed, didn’t immediately return a telephone message seeking additional comment.
To contact the reporter on this story: Jody Shenn in New York at firstname.lastname@example.org
Last Updated: October 9, 2009 14:18 EDT
By Jody Shenn