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This week the financial world held its breath. It waited. It watched. Fed Chairman Ben Bernanke was hunched over...sweat on his brow...easing on his mind. Quantitative easing, that is.
Commentators, economists, and the public wondered if he could really create new money...new wealth...out of thin air? If this were true, it would be a giant step forward for humanity. Jesus Christ multiplied loaves and fishes. But He had something to work with. God.
The Federal Reserve multiplies zeros...creating money - out of nothing at all. If it can really do the trick, we are saved. Congress can go home. It no longer needs to worry about raising taxes or bailing out Wall Street and their other big corporate political donors. Government can now buy all the loaves and fishes it wants.
Will it work? Nope.
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