Indeed, Michael, we are looking at a real seizure of wealth. Most people obtain wealth by trading real resources or making purchases with money legitimately borrowed, like for a mortgage.

However, Treasury has no resources. None. Treasury is bankrupt and all it can do is to issue paper that ultimately is purchased by the Federal Reserve System, when then essentially prints money.

If you or I tried to buy a car with counterfeit money, we would go to jail. However, if the counterfeiters are from the U.S. Government, then they receive a free pass.

This past month truly will live in infamy, and we will come to regret what has happened many times over.