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Public Debt Dynamics of Europe and the U.S. by Dimitris N. Chorafas

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12

The Merger of Quantitative Easing and Politics Is the No. 2 Suspect

Since 2008, the Federal Reserve has monetized about 60 percent of the increased Treasury and government-sponsored agencies paper. Governments have more tricks up their sleeves than the rest of us. If tax revenues or the trust of honest creditors are insufficient, the government can simply print any money it needs.

Central banks, which lost their independence, are accomplices to this Ponzi game. Audits made at central banks come up with negative findings for their governors. An example is the audit conducted in the Fed by the Government Accountability Office (GAO) of the US Congress. GAO found problems with Federal Reserve loans which were not covered by appropriate collateral. ...

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