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How The Fed "Mysteriously" Eliminated $7 Trillion In US Debt
Anyone looking at the Federal Reserve's own data set, that provided with the generous "free" funding of the US taxpayer by way of the St. Louis Fed's FRED database, will notice something quite welcome, if magical: total US debt held by the public - that which is not part of intragovernment holdings, read Social Security - has mysteriously collapsed from $12 trillion to $5 trillion. Somehow, with nobody looking, the Fed managed to reduce US total debt by $7 trillion.
Alas, upon an even cursory examination, what becomes readily apparent is that total US debt, that including the intragovernment holdings, hasn't budged by a penny.
In fact, what has happened is that the brilliant central planners of the US, the people who hold the fate of the world in their monetary policy hands, simply copied and pasted a wrong series into what is probably the most important historical data metric of the US, with data for Total Debt Held By The Public somehow being replaced with the debt from "Intragovernmental Holdings" beginning in Q2 2013 and continuing for the next 4 quarters.
So the next time your favorite credit card company advise that your debt is about 100% higher than where it should be, just copy and paste the wrong total debt number and send it to them as proof of your spending frugality. And just let someone else figure it out.
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USA showing China how it is done.
Put everyone on government payroll. Then have the Federal Reserve prints all your money. Produce nothing except debt which the Federal Reserve buys, then makes it disappear.
Vote now on MSN:
And then President Obama says, "I just heard about it for the first time while watching MSNBC this afternoon. I was as shocked and dismayed as well, most of you folks. So some of my folk at the Justice Department are going to conduct a thorough, very open, transparent investigation into how this could take place. I will not rest until the Benghazi, IRS and other investigations are complete to make sure that the Fed gets investigated so long as their hard drives can remain stable and e-mails server in business."
More Federal Reserve scams and lies to come.
If you don't intend to pay it back, its just so many zeros.
this will be even funnier when the graph is about government employee pensions outstanding.
It's a miracle! All praise Yellen!
The Fed is actually a religion and the Federal Reserve Board are its high priests. You see, they really can make miracles happen. With the right magic words and right sacrifice made to Goldman/JPMorgue/Wellsfargo, money can simply be made to exist or debt can be immediatly extinguished.
If they make this happen a few more times then we'll all be rich! Woooo!
It's a miracle! All praise Yellen!
The Fed is actually a religion and the Federal Reserve Board are its high priests. You see, they really can make miracles happen. With the right magic words and right sacrifice made to Goldman/JPMorgue/Wellsfargo, money can simply be made to exist or debt can be immediatly extinguished.
If they make this happen a few more times then we'll all be rich! Woooo!
Hey, over there, a unicorn... Ahhhw, you've just missed it.
If you add enough zeros it's all that you can see. Problem solved.
Damn Quicken Books.
Did everyone sell their bonds to the fed?
It worked for Greece for a while, and we don't even need GS to create a swap to disguise the debt!
In the mean time while Uhmarikahns sleep........
I made 34000€ fixing an "Excel problem" in an Ibex35 company.
Call me idiot, give me bread. Well known sentence.
Check the silverware. Take a look in the local pawnshop maybe you can get a deal on Detroit?
any number can be referenced to zero...
No, no, no. There's an easy explanation for this. All of that debt is now held by "Belgium". Keep Calm and Print On.