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Yesterday’s announcement that the Federal Reserve will buy $40 billion of mortgage-backed securities each month until whenever has some wondering if Ben Bernanke just handed the election to Mr. Obama.
We shall see. But what the action really shows is the Fed hitting the panic button. In the video below, Bloomberg trots out Rep. Ron Paul to critique the Fed’s actions. And guess what? He’s right, particularly when he says “we are trying to liquidate our debt through inflation.”
What could possibly go wrong?
