Wednesday, December 12, 2012

The fiscal cliff looms closer and closer

Up to this date nothing has changed in solving the fiscal mess before the end of the year. Nothing.

The only indirect 'beneficiary' of this Congressional inaction is, again, the Federal Reserve Bank.

Today, Ben Bernanke announced that the Fed will extend its powers and buy even more treasury bonds. So, the Fed continues to build its massive power under the careless eyes of the US Congress.

Just read this article and prepare to be amazed as the Fed has officially become the most powerful American institution. They own, after all, most of the US debt and they claim that they ask for nothing in return. Can you believe that?

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