By Barry Grey
http://www.wsws.org
20 March 2009
The US Federal Reserve Board on Wednesday announced that it will massively expand its moves to pump liquidity into near-frozen credit markets, including a highly unusual plan to purchase up to $300 billion in longer-term Treasury securities over the next six months.
The plan also includes an additional $750 billion in Fed purchases of mortgage-backed securities guaranteed by the federally owned mortgage finance companies Fannie Mae and Freddie Mac and an additional $100 billion in Fed purchases of Fannie Mae and Freddie Mac debt. These measures came as a surprise to global financial markets and triggered a simultaneous rush to buy Treasury bonds and a sharp sell-off of US dollars on world currency markets.
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via US Federal Reserve announces massive increase in government debt
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US prints more money to fight recession – 20 Mar 09
The US central bank is resorting to a tool of last resort in its battle to fight the economic crisis: printing money more than $1 trillion.
Al Jazeera’s Nick Spicer explains how this move could affect the economy.
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Restoring our Financial Sovereignty: A New Monetary System by Nikki Alexander
The Economy Sucks and or Collapse 2
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Printing money by US govt is not a crime since the affliction plagueing the US economy requires such doses. In fact when world’s economy kept growing in last many years, it required matching doses of currency in circulation. It did not happen proportionately but only the credit expansion was providing the necessary liquidity to people to transact increase volumes of business necessitated by growth which was a risky way. A proportional increase in M1 is a necessity and the same thing is being done.
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More dumbfuckedness. It’s obvious that no one in the government or the Fed knows what they are doing.
Yep. Or worse, they do know what they are doing!