The Federal Reserve is printing money from thin air, and the government is issuing trillions of dollars in new debt as it tries to spend its way out of the recession with a huge stimulus package, new lending programs, health care overhauls and automotive rescues.
The Times is starting to get it. The Chi-Comms are worried about printing money, too. From today’s Telegraph:
China warns Federal Reserve over ‘printing money’
Richard Fisher, president of the Dallas Federal Reserve Bank, said: “Senior officials of the Chinese government grilled me about whether or not we are going to monetise the actions of our legislature.”
“I must have been asked about that a hundred times in China. I was asked at every single meeting about our purchases of Treasuries. That seemed to be the principal preoccupation of those that were invested with their surpluses mostly in the United States,” he told the Wall Street Journal.
So the Times and the Reds are suddenly sounding like crotchety old guys berating the Fed at a Ron Paul rally. Unfortunately, Barack Obama still sounds like he’s running for president of the University Democrats.