Bob,
Two points:
1) MANY writers *inaccurately* use the phrase "print dollars" for new
spending. Most of these guys don't know as much about our monetary system
as the people on this list.
2) Why do you think our system would print up tons of paper and physically
ship it to a foreign country to buy some T-Bills? The process is just an
electronic transfer of a 'dollar denominated' balance in the applicable
foreign bank(s).
Your comments indicate (to me, at least) that you never have accepted the
descriptions Jerry, myself, and others have given of when and how paper
currency is printed in this country.
Regards,
Frank T. Brady
>To All-
>
>Does anyone here have any comments on that portion of the article on the US
>"secret" agreement to buy T-Bills back from Japan?
>
>I say that the bonds must be bought back by the FED as an agent for the U.S
>Treasury. What's the secret about that?
>
>Please, read the following carefully. It is from the article word for word.
>
>>And if the purchase of all those
>>billions in bonds kept rates low,
>>then the sale of those very same
>>bonds would drive rates up. How high?
>>It depends on how bothered Wall
>>Street becomes over the fact that the
>>U.S. Treasury and Federal Reserve
>>must now print billions of dollars in
>>extra currency to ship to Japan in
>>exchange for their bonds.
>>
>$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
>
>Does anyone here still dispute the fact that FRN's--US currency--has to back
>the Treasury Bonds--T-Bills--sold on the bond market?
>
>This is why many here say that each FRN is a debt instrument. Each FRN is
>backed by the US Taxpayers' abilities to pay taxes.
>
>The National Debt must be represented by FRN's or by the potential for
>printing of an equal amount of FRN's.
>
>Which means that the entire National Debt authorizes the FED to print an
>off-setting amount of currency.
>
>Does anyone have any comments or disagree?
>
>Money Talks.
>
>Bob$$$
>.......
>$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
>Find out all about our Monetary System-
>Visit http://www.cal-neva.com,
>the next time your on the Internet
>
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