"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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News Flash - Bernanke not concerned by China selling US Treasurys
This news flash came down the Dow Jones wire this morning with bells and whistles announcing its appearance.
My immediate reaction -
Of course not - why should he be when the Fed is busier than a one legged man in an ass kicking contest buying up all the Treasuries it can gets its hands on.
The Fed has already surpassed China in terms of the overall amount of Treasuries it holds and at its current rate of QE related buying, is on target to surpass both China and Japan combined!
For those of you who might want to see a visual chart of the same, please refer to the piece I posted here a while ago.
http://traderdannorcini.blogspot.com/2011/02/treasury-holdings-of-fed-china-and.html
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