Mover Mike

I believe our FED operates by guess and by golly, making decisions that affect our financial livelihoods in ways the governors can not conceive. IMO, it it is a socialist organization trying to manage an economy that would adjust as it went along if the FED didn't meddle and keep adjustments from happening.

Consider the large fiscal deficits we run and the large trade deficits that tend to pile dollars up over seas. China alone now holds over $1 Trillion of USD denominated assets pprimarily Treasuries. Today New York Federal Reserve President Timothy Geithner said:

The full effect on the international financial system of vast foreign ownership of U.S. government debt was not fully understood.

Now that to me is truly frightening!

Hat Tip to Bill Murphy at Le Metropole!

New York Federal Reserve President Timothy+Geithner USD China Mover Mike