I didn't want to let the latest cockamamie Fed idea for "sterilized" bond buying pass without a comment. A Wall Street Journal story explained that somehow the Fed will buy more long-term bonds, print new money and then borrow the money back so it doesn't cause inflation. It's all a lot of hooey. Typical Fed tinkering. It can't seem to help itself. The dollar has already fallen about 1 percent since this story broke. Gold has jumped.If you buy into the Fed's argument, it will inject cash in return for new bond purchases. Then it's going to take the cash...
Source: http://www.realclearpolitics.com/articles/2012/03/10/fed_hooey_113438.html
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