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Let that sink in for a moment. People in this country, most of them in their late teens or early twenties, borrowed over one-fifth of a trillion dollars. That money went into the pockets of educational enterprises (with fat administrative salaries, tenured professor paychecks, and God knows what else). The people who borrowed the money blew off the debts. And now those stupid enough to be responsible are stuck holding the bag.
Federal Reserve Chairman Jerome Powell said Wednesday the
central bank would fight the next economic downturn by buying large
amounts of government debt to drive down long-term interest rates, a
strategy that has been dubbed quantitative easing, or QE.
Of course they will. The fix is always in, isn’t it? Wouldn’t want to let a system and associated economy so far out on a brittle limb weighed down by exponential debt leverage go it on its own, now would we? Wouldn’t want anything like a naturally functioning economy because until an utter and complete crash and clean out, there can be no such thing. So more debt manipulation it is!