moral hazard

“The U.S. government has a technology called a printing press, which allows it to produce as many U.S. dollars as it wishes at essentially no cost.” – Benjamin S. Bernanke Chairman, U.S. Federal Reserve

For 50 years, not one Dollar of new debt created by the US government to fund activities it does not wish to tax for has been repaid. The debt has been “re-financed” with new debt being sold to retire the existing debt.

History will not be kind to Bernanke.

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