I'm On Fire wrote:2013 isn't going to be much better.
But the entire annualized government deficit is being covered over by the Fed's quantitative easing. It's so easy to do. Why did it take a genius like Ben Bernanke to figure this out? Ben Bernanke is fabricating 40 billion to 80 billion dollars per month out of thin air indefinitely and buying US debt obligations such as US Treasuries with it. Our funded and unfunded (plus on the books and off the books) national debt is merely a figment of the imagination, being pasted over with another figment of the imagination (Ben's money machine). This surely must succeed!
Those other nations throughout history that inflated (debased) their currency until it ultimately failed and went to zero value were merely rank amateurs. They did not have the benefit of the worlds most terrifying military might to muscle the other nations of the world into accepting their shenanigans (figments of the imagination called money, created at will) by force. But we have the military might to force this game to go on forever until we are once again great as a result of brute force and money fabrication alone. Or do we?