The 3-Way Collusion Is Obvious …
Congress passes a groundbreaking bill to gut the budget.
The president promptly signs it into law.
And the Fed prints the paper money to finance the folly.
But there’s a problem: America’s creditors aren’t buying it. In fact, ever since the Fed first announced its intent to print up another $600 billion (QE2), supposedly with the goal of LOWERING long-term interests rates, those same rates have been rising.
Just a couple months ago — in early October — the yield on the benchmark 10-year Treasury note rested at 2.41%. Last week, it blew through the 3% level and looked for all the world as if it could reach 4%!
It’s clearly not working.