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Quantitative easing = Unlimited printing
Thursday, March 19th, 2009by Egon von Greyerz
The Fed decided yesterday to spend another $ 1.15 trillion to try to save the financial system. They will spend $ 750 billion to buy mortgage backed securities and $ 300 billion to buy long term Tresuries.
These purchases will make the Fed’s balance sheet baloon to $ 4 trillion. Most of their assets will consist of worthless and unmarketable paper.
The total committed spending by the Fed and US treasury is now approaching $ 13 trillion. This amount is higher than US GDP for 2009!
But this won’t be enough. We have previously forecast that total support or money printing will reach $20-30 trillion. We now ask ouerselves if
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Tags: printing money
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