Tuesday, November 25, 2008

800 Billion Dollars of *New* Money

CNN reports the creation of $800 Billion dollars out of thin air.

... Together, the programs from the Federal Reserve and the New York Fed are more than Congress approved in October for a bailout of the nation's banks and Wall Street firms. The Fed said the money will come from an increase in its reserves -- in essence, it is creating new money. (more)

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