Tuesday, December 6, 2011
The phony debt crisis!
At a Treasury auction today of 4-week bills, investors were prepared to give the government over a quarter of a trillion dollars AT ZERO PERCENT INTEREST!
And they keep telling us there's a debt crisis and we need to cut the debt!
If this doesn't show how the whole debt thing is a total farce and a total propaganda lie, then I don't know what will.
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5 comments:
bam!!!
Great one, Mike.
Where's the best place to go to see this?
How is this possible at all? Reserves pay 0.25%, why would anyone buy bonds at zero?
Because not everyone has access to a reserve account at the Fed, unless they're a bank. So if you have a bunch of dollars you want to stash safely, you need these bonds. FDIC cuts off at 250,000, so ordinary bank account would not be a risk free option.
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