Fed Now Largest Owner of U.S. Gov’t Debt—Surpassing China
"At the close of business on Tuesday, the debt of the federal government exceeded $15 trillion for the first time--with the largest single owner of the publicly held portion of that debt being the Federal Reserve.
"The U.S. Treasury Department divides the federal government’s debt into two general categories: debt held by the public—the type owned by the Chinese and the Federal Reserve—and “intragovernmental debt,” which consists of what essentially are IOUs the Treasury gives to government trust funds such as the Social Security trust when it takes and spends their money on other things."
We can't survive as a nation doing carrying on like this. Sooner or later there is going to be a day of reckoning.
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