Mitt Romney on the Federal Reserve

September 21, 2012 § Leave a comment

“Yeah, it’s interesting…the former head of Goldman Sachs, John Whitehead, was also the former head of the New York Federal Reserve. And I met with him, and he said as soon as the Fed stops buying all the debt that we’re issuing—which they’ve been doing, the Fed’s buying like three-quarters of the debt that America issues. He said, once that’s over, he said we’re going to have a failed Treasury auction, interest rates are going to have to go up. We’re living in this borrowed fantasy world, where the government keeps on borrowing money. You know, we borrow this extra trillion a year, we wonder who’s loaning us the trillion? The Chinese aren’t loaning us anymore. The Russians aren’t loaning it to us anymore. So who’s giving us the trillion? And the answer is we’re just making it up. The Federal Reserve is just taking it and saying, “Here, we’re giving it.’ It’s just made up money, and this does not augur well for our economic future.

via Glenn Beck.

You can only live on borrowed money for so long.  After awhile someone comes looking for what you owe… plus the vig.

Refi that house now because if you think it’s bad now but wait until we have 9.0% unemployment and 9.0% inflation.

The wheels are falling of the bus.

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