Ron Paul's Texas Straight Talk Nov. 15: QE2: The Fed's Last StandSubmitted by bobbyw24 on Mon, 11/15/2010 - 07:58
by Ron Paul
The remarkable confluence of recent events has brought unprecedented but very welcome attention to both U.S. monetary policy and the global political economy in general. First, Federal Reserve Board Chairman Ben Bernanke recently announced that the Fed would embark upon another round of monetary easing by purchasing $600 billion worth of U.S. treasury debt. This amounts to admission that markets have run out of patience with our profligacy and therefore our own central bank literally must serve as the buyer of last resort for treasury debt.