Remember Joseph Warren This Memorial Day
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Consider this an open thread
Here is the question which I am hoping RedState readers and writers can answer:
With tax revenue in decline, and the U.S. borrowing growing, how much money is the Federal Reserve electronically flooding into the U.S. and global economy to cover the drop in tax revenue, and to avoid the U.S. borrowing even more money?
The Chinese government says “the U.S. is printing money on a massive scale.”
Is the U.S. government just electronically printing money (electronically, meaning, not literally printing it at the mint) to pay our bills, essentially giving banks the authority by the Federal Reserve and Treasury to type in new money into their bottom line ($5 billion, say) and then tell them they have to use this new money just electronically created, to buy our own Treasury bills?
Is that what President Obama meant when he said the U.S. government is out of money?
It is clear the Federal Reserve has electronically flooded money into the system. The question is how much money?
As far as I can tell, no one knows, or those who do know, are not saying how much.
This is why Senator Jim DeMint offered an amendment to the Defense Department Appropriations bill to authorize the Government Accounting Office to do an audit of the Federal Reserve.
The video, below, posted on youTube, has more than 100,000 views, which is shockingly high for such a off-the-beaten-path issue.
Even the self-proclaimed socialist Senator from Vermont, Senator Sanders, has a bill to audit the Federal Reserve, because electronically creating new money to buy our Treasury bills is such an obviously short-sighted policy.
What is even worse is that Senator DeMint’s amendment was blocked by the Democrats, who selectively applied Rule 16 of the Senate Rules to the Federal Reserve audit amendment, but allowed many other provisions of the bill to violate the same rule.
The question is, what does the Federal Reserve have to hide? And wasn’t President Obama supposed to be the most transparent President ever?