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Fed Purchasing Over 60% of 2011 Fiscal Deficit

Federal Reserve Purchasing Over 60% of 2011’s Fiscal Deficit
Submitted by Gonzalo Lira on Tue, 4 Jan 2011

The other day, in my post “The Lull Before the Storm”, I mentioned that for fiscal year 2011, the Federal Reserve would be purchasing over 60% of the Federal government deficit.

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In other words, the Fed would be dancing the Monetization Waltz, just like Latin American countries used to back in the 1970’s: Proof positive that America is indeed a banana republic—only with nukes.

A lot of people didn’t believe me—or wanted me to check my figures. Or wanted to know if I was having an acid flashback from those aformentioned 1970’s. A lot of people couldn’t believe it.…-fiscal-deficit

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