Managing the unmanageable

posted by
January 11, 2011
Center for a Stateless Society
by David D'Amato  
Posted in Commentary

"Like the money it prints, the profits reported by the Federal Reserve aren’t what they seem, representing returns on precarious investments that no sane actor would undertake. Those putrid investments include not only the storied mortgage-backed securities that became the focus of the financial debacle, but Treasury bonds that sponsor the federal government’s debt. Even while these holdings generate income now, their purchase with imaginary money that was 'printed' electronically means that financially-accountable, free people never got the chance to discover their clearing price." (01/10/11)  


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