Fed Confirms Debt Will Be Monetized

In case anyone doubted that our rulers plan to “spread the wealth around” by using hyperinflation to pay off the massive debts they’ve incurred, the Fed has set the record clear:

In essence, the Fed now will print money to buy as much as $900 billion in U.S. government bonds through June — an amount roughly equal to the government’s total projected borrowing needs over that period.

The effect of this will be to drive up inflation and interest rates, and ease pressure on the government to lay off the reckless spending. Paul Krugman ought to be delighted.

In other Fed news, Ben Bernanke is introducing new currency cleverly designed to make it easier to keep adding zeros like they do in Zimbabwe:

newmoney.jpg

On a tip from AC. Cross-posted at Moonbattery.

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