"That's the press, baby. The press! And there's nothing you can do about it. Nothing!"
--Ed Hucheson (Deadline U.S.A.)
At $85 billion worth of bonds purchased per month, the Fed is creating $118 million per hour. This of course does not count the credit that they create out of thin air for the banks or subsequent pyramid effects.
If you are not privy to using that newly printed cash first, then that money printing is making you poorer.
position in Treasuries
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3 comments:
At $9.50/hour minimum wage, it would take an individual working all day and all night, 1,418 years to earn the amount the Fed creates every hour.
And that's before Federal, State, Local, Medicare and Social Security taxes.
And at current federal min wage of $7.25, even longer...
Whew! Glad the calculation did not use the federal cash wage for tipped employees of $2.13/hour. Would still be toiling away if started in 4,300 BC.
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