Forbes article: Bernanke's $600 Billion Helicopter
Only $600 billion of buying back our own debt announced today. Just the thought of it makes you want to buy a gold coin! As William Baldwin of Forbes Magazine said today: “
If the whole wad were converted to $100 bills, it would weigh 6,000 metric tons. Bernanke is going to need a lot of helicopters.”
Remember to watch out while you take your fall walk in the woods to see the colors – you might see green raining down on you!
What else did William Baldwin say in his article? He referred to how Thomas Hoenig, the Kansas City Federal Reserve President dissented from the move. Hoenig stated the following about this monetizing of our debt that is now occurring:
“over time would cause an increase in long-term inflation expectations that could destabilize the economy.”
Bingo.
That is why Baldwin ended his article entitled Bernanke’s $600 Billion Helicopter