Always intersting to read the foreign press about US finance

redmondjp

http://www.telegraph.co.uk/money/main.j ... fed112.xml

Never read anything this dire in our own media.

This is one of the scariest sentences in the whole article:

The Fed is to create a new facility that allows banks to swap their mortgage bonds for US Treasuries.

So banks can swap bad debt for T-bills - - HUH??? :shock:

I'm sorry, but I don't see any way in H-E-?-? to sugar-coat this one. Hold onto your hats people, this is going to get ugly. And all-the-while our MSM and politicians telling us that everything is fine, no worries here, move along please, keep spending, yessir!

Markor

What's another $7 trillion in debt when you've already borrowed $3 trillion? As long as your buddies get richer, it's all good.

Cougar

As of March 2008, the total U.S. federal debt was approximately $9.4 trillion, about $79,000 in average for each American taxpayer. Of this amount, debt held by the public was roughly $5.3 trillion. If, in addition, unfunded Medicaid, Social Security, etc. promises are added, this figure rises to a total of $59.1 trillion. In 2007 the public debt was 36.8 percent of GDP ranking 65th in the world.

http://en.wikipedia.org/wiki/Bureau_of_the_Public_Debt

So the UK owns America....nice...and I thought we were the land of the free.....

Markor

Even while they're waiting in soup lines, the ignorant voters who caused this will be singing the praises of the party that raped them.