For Once, Glenn Beck Was 100% ON TARGET!!!

Add another $1.2 trillion to the vertical spike on the right, and what do you have? A spike on top of the spike? The vertical scale is in billions of dollars--meaning 1,000 is a trillion dollars, etc.! Adding another 1200 billion dollars ($1.2 trillion) takes us higher even than Al Gore's Global Warming ladder in An Inconvenient Truth!!

I didn't really believe Glenn Beck while driving home earlier today when he said that the Federal Reserve would print $1.2 trillion to buy bonds and mortgage-backed securities from the US Treasury. He was quoting Ben Bernanke, the Chairman of the Federal Reserve, who made the statement on Wednesday while we were all looking the other way--and awaiting Barack Obama's appearance on the Tonight Show with Jay Leno.

I checked. He (Bernanke) did say what Beck said he said. They (The Federal Reserve) will buy low-interest bonds and other securities!

Apparently, Bernanke made this announcement--a most remarkable statement actually--at a moment in time when we are all so steamed up about the bonuses to bank executives that we missed the bombshell of the week. Watch for inflation to show a spike even more remarkable than the spike in the money supply that will result from this move by the Federal Reserve.

Okay, I will admit that some short-term benefits will occur, such as the lowering of interest rates (although not on my existing mortgage or car payments).

What wasn't said by ANYONE--including even Glenn Beck--is that (1) the Federal Reserve is made up of 12 private corporations so it is neither Federal nor a Reserve, and (2) they print money and then charge interest to the US Treasury for us to use the money.

Just look at the money in your wallet (if you have any left). It says "Federal Reserve Note". "Note" means that we owe it to them. It should say "US Treasury Bill".