I was just cleaning up my upstairs office and ran across some correspondence I wrote to Mr Greenspan at the Federal Reserve warning him about the future housing and banking crisis. It was written in 2005, 6 months before I ever even thought of writing a blog. Double click the picture for a larger view.
Here is the letter I got back. I was rather disappointed that it wasn't from Mr Greenspan himself. But it was read and answered by someone in his organization. Everything was under control as far as they were concerned.
My main point in running these two letters was to demonstrate, that this train is set in its direction and is not going to stop. The hand writing is on the wall, all I did was point it out.
Look at the table below, here is where things look very out of whack with our national debt.
How do you explain 4.785 Trillion dollars that are part of our national debt that is held by the Federal Reserve? Is this the total amount of extra printed money stuffed in mattresses around the world? I can see where the rest of the world got their money to buy our debt, but come on, what product does the Federal Reserve make that earned it almost 5 trillion dollars to purchase our Treasury's? Question two; do they get paid interest on those holdings with our tax dollars? It looks like a lot of smoke and mirrors. I guess with this "robust" economy, there is so much smoke; they can cut down on the number of mirrors.