Zenyatta, the Chinese, and a Re-Written Intro to the FED's Self Appointed Mission Statement
I am sitting here stunned. In addition to being a political news junkie, I am a horse racing junkie. Seeing Zenyatta lose by a nose today makes me a little queasy inside. In 20 races, today is the first day Zenyatta will not be visiting the winner's circle. Zenyatta, that charismatic filly, is my hero. She goes home healthy and that's all that matters. She is still my hero. She is pure and performed admirably... albeit a nose short. On Wednesday, the FED announced their latest monetization of our nation's debt. That is "econalese" for counterfeiting. Here is the distinction. If you need a few thousand bucks to scrape by and print some money, the Secret Service will charge you with felony counterfeiting. When Bernanke and the FED need 600 billion, they simply print it up and call it quantitative easing. When the FED counterfeits it is legal because they call it something else. They buy treasuries from their member banks and give them this made up money. The mem...