The Federal Reserve pumped in 7.7 trillion into the banking system in 2008 to keep the American banking system afloat. This had been secret information until Bloomberg used a freedom of information act request to get these numbers released (thank god we still use the FIA). This number is almost unimaginable. For those that believe that the Federal Reserve should not be audited, they should really think about what a mind boggling sum of money this is. I heard not so long ago that a trillion dollars in one thousand dollar bills would create a stack of money 67 miles high. 7.7 trillion would make that stack 515 miles high. I read on another website what 7.7 trillion could buy:
- 199 Warren Buffets.
- 22 Apples (the multinational corporation, not the fruit).
- 10 Manhattans (the major metropolitan area, not the cocktail).
- 71 times the cost of Hurricane Katrina.
- 76 percent of the value of all the gold mined in human history.
- About half the entire U.S. national debt.
- $24,624 for every man, woman and child in the U.S.
The whole idea that the country and the stock markets are concerned about our national debt when the Federal Reserve can create half of that amount at the stroke of a pen without any congressional oversight is almost unbelievable. I should not have to remind people that at least a couple trillion went to foreign banks!
The inflation from this huge surge of liquidity into the monetary system has not been felt as of yet in the economy. The banks are still holding onto large amounts of this money. But, this can not last forever. When this money does start finally rushing into the economy, we can expect a massive surge in prices in all the items that people need most, like food and fuel. If this is not a large enough number to make people wonder about the stability of our banking and monetary system, then I do not know what is. If you have the resources, you should invest some money in commodities. If you do not, you should try to buy the necessities that you use everyday ahead of time instead of waiting for the coming inflation. If you like stocks, you should buy them in commodity rich countries with strong currencies like Norway, Australia, and New Zealand. Or maybe you just want to sit like a bump on a log and trust our wise Federal Reserve bankers. The choice is yours.
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