Fed Should Sell Mortgage-Backed Securites: Plosser
The Federal Reserve should sell its U.S. mortgage-backed securities holdings sooner rather than later as the economic recovery gathers steam in order to extricate itself from fiscal policy, a senior central bank official said.



Jim Sinclair’s Commentary
Quite scary, yet totally logical.
Drowning in Debt: What the Nation’s Budget Woes Mean for You Economists Predict Cutbacks, Tax Increases That ‘Aren’t Even Imaginable’
By DEVIN DWYER WASHINGTON, Feb. 17, 2010

American political and economic leaders have sounded the alarm for years about the red ink rising in reports on the federal government’s fiscal health.
But now the problem of mounting national debt is worse than it ever has been before with — potentially dire consequences for taxpayers, according to a report by the nonpartisan Peterson-Pew Commission on Budget Reform.
"It keeps me awake at night, looking at all that red ink," said President Obama in Nashua, N.H., on Feb. 2. "Most of it is structural and we inherited it. The only way that we are going to fix it is if both parties come together and start making some tough decisions about our long-term priorities."
Obama will sign an executive order tomorrow that establishes a bipartisan National Commission on Fiscal Responsibility and Reform to make recommendations on how to reduce the country’s debt.
Over the past year alone, the amount the U.S. government owes its lenders has grown to more than half the country’s entire economic output, or gross domestic product.
More…





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"An armed republic submits less easily to the rule of one of its citizens than a republic armed by foreign forces. Rome and Sparta were for many centuries well armed and free. The Swiss are well armed and enjoy great freedom. Among other evils caused by being disarmed, it renders you contemptible. It is not reasonable to suppose that one who is armed will obey willingly one who is unarmed; or that any unarmed man will remain safe among armed servants." - Niccolo Machiavelli, "The Prince" (1532)