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There was a leak yesterday to Bloomberg that the Fed is making plans to “drain” $1 trillion from the US economy. Because supposedly our economy is overheating with too much money—not that anyone you or I know has seen a penny of it. It doesn’t seem to make any sense to suck money out of a cash-strapped country when the economy’s in ruins: unemployment is reaching Third World levels, foreclosures are hitting new record highs, and lending is still contracting at an alarming rate not seen since, yep, the Great Depression. So why would the Fed talk about pulling $1 trillion out of the economy, as if that’s the medicine it needs?

It is all about taking care the already-mega-rich Wall Street bankers and foreign investors who want to protect the value of all the money they plundered from America. They want to ensure that the trillions they were handed by Paulson and Bernanke and Summers are still worth the same trillions next year…and to do that, they’re going to apply a simple law of supply and demand: drain out $1 trillion from us, and the value of their trillions holds its value.


September 24th, 2009 | Comments (36)