Posted 2 years ago on Nov. 23, 2011, 2:11 p.m. EST by MonetizingDiscontent
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Jim Rickards - Who Will Bail Out the Federal Reserve?
-November 23, 2011-
"...The United States now has a system in which the Treasury runs huge deficits and sells bonds to keep from going broke. The Fed prints money to buy those bonds and loses money owning them. Then the Treasury takes IOUs back from the Fed to keep the Fed from going broke. This arrangement resembles two drunks leaning on each other so neither one falls down. Today, with its 50-to-1 leverage and investment in volatile securities, the Fed looks more like a poorly run hedge fund than a central bank..."
((Read the Full Interview Here)) http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/11/23_Jim_Rickards_-_Who_Will_Bail_Out_the_Fed_&_How_High_for_Gold.html
(Jim Rickards’ clients include private investment funds and banks, government directorates around the globe in national security and defense and he has worked directly with the Fed and US Treasury.)