Thursday, January 13, 2011

Email to Federal Reserve Chairman Ben Bernanke

Dr. Bernanke,

I was extremely dismayed by a response you gave on a recent "60 Minutes" interview. I believe it was Steve Croft who asked you if the Federal Reserve was "printing money" to pay for the Treasury Bonds it is purchasing as part of QE2. To answer that question literally was extremely disingenuous and makes it difficult for me to believe anything you say in the future. You and I both know that by use of the phrase "printing money" Mr. Croft was not referring to printing currency. I'm sure the Fed is not paying for these bonds with currency. He was, in fact, referring to the fact that the Federal Reserve is paying for these bonds with created money. There's no shame in that. It is simply the truth. And for you to obfuscate the obvious is inexcusable.

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