If some Third World countries like -- name any of a number of them -- tried to print money like this, their money would be devalued instantly by several factors and their economy in tatters.
But today the US Fed said that it would create $1 trillion in new securities to try to unlock credit markets -- in other words, they're effectively printing that much in new money. This had the effect of having the dollar drop about 3% against major currencies. Only three percent, I emphasize. How do they get away with it? Because they can.
I may be just ranting here, but isn't making something out of nothing equal to making nothing?
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