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You do realize that the Fed doesn't control the amount of U.S. government debt?

And how much debt do you think the Congress and the Executive would be authorizing the Treasury to issue if interest rates were 5% on 10-year Treasury bonds?

The Fed absolutely does control the amount of government debt by dictating the carrying costs of that debt. The Fed is keeping the costs of borrowing so low, that politicians have no need to even attempt to minimize the percentage of expenses the country borrows.

Buying groceries on a credit card, we are.

The Fed has given us a 0% introductory rate - and encouraged us to keep right on charging right up to the limit.

Even during the golden era of the 1990's, the only way we ever were able to balance the budget was the fear of the Bond Vigilantes.

Bernanke has killed the bond vigilantes - and will not even allow their ghosts to haunt the halls of the politicians in D.C.

With the carrying costs of debt virtually free, we may as well cut taxes to 0% and borrow every dime of what the country spends.

Thank you, Mr. Bernanke.

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