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Wednesday, May 30, 2012

Let's all laugh at Europe

The incomparable Dennis Gartman had a great laugh at the boobs over in Europe today.  It seems those ridiculous clowns running the European Economy are buying their own sovereign debt with printed Euros.  Can you believe that?

"Almost laughably, the banks in Europe are the
buyers of sovereign debt and the sovereigns are the
buyers of bank shares. If this were not so comical
and so corrupt it would be sad. But it is comical and
it is sad at the same time for this is Ponzi gone truly
awry: “I’ll buy you; you buy me, and we’ll buy each
other with each other’s money!”  -- Dennis Gartman.

Luckily things are so different here:

WSJ: Fed Buying 61 Percent of US Debt

Wednesday, 28 Mar 2012 11:08 AM
By Julie Crawshaw and Forrest Jones

The Federal Reserve is propping up the entire U.S. economy by buying 61 percent of the government debt issued by the Treasury Department, a trend that cannot last, Lawrence Goodman, a former Treasury official and current president of the Center for Financial Stability, writes in a Wall Street Journal opinion article published Wednesday.

Read more: WSJ: Fed Buying 61 Percent of US Debt

Fed Now Largest Owner of U.S. Gov’t Debt—Surpassing China

Ben Bernanke
Federal Reserve Chairman Ben Bernanke (AP Photo/Alex Brandon)
( - At the close of business on Tuesday, the debt of the federal government exceeded $15 trillion for the first time--with the largest single owner of the publicly held portion of that debt being the Federal Reserve.
Over the past year, as the Federal Reserve massively increased its holdings of U.S. Treasury securities and entities in China marginally decreased theirs, the Fed surpassed the Chinese as the top owner of publicly held U.S. government debt.

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