7.4 Teradollars

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Writes Stephen Fairfax:

Might as well start using the SI prefixes; we’ll need them when the hyperinflation takes off.

Fed Pledges Top $7.4 Trillion to Ease Frozen Credit

Congress is not only insignificant, with a paltry 0.7 teradollar entry into this fraud, but still doesn’t realize that decades of abdicating their Constitutional responsibilities have consequences. Scott Garret, a NJ Republicrat, was quoted as saying “Whether it’s lending or spending, it’s tax dollars that are going out the window and we end up holding collateral we don’t know anything about.”

Other than the popular view among politicians that all money belongs to them, it is rather unlikely that any of this money was mulcted from taxpayers. It is being borrowed when possible, created as needed. Taxes are becoming as irrelevant as Congress.

There is some good news. “The time has come that we consider what sort of limitations we should be placing on the Fed so that authority returns to elected officials as opposed to appointed ones.” Perhaps Ron Paul will get some traction in his calls for oversight and even an audit of the Fed.

10:05 am on November 24, 2008