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POPSBernanke warns on deficit Interpretation: The Fed passes the toxic debt ball back to the government, and washes its hands. The interesting thing is that if government is stuck with all the debt, the only way it can do this is to radically curtail its own activities. Libertarians and anarchists (and other advocates of local self-govenment) could, ironically, be the winners. On the other hand, it could be the banks and the multinationals.
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POPSFed Pledges Top $7.4 Trillion to Ease Frozen Credit A trillion here, a trillion there, soon adds up to serious money ... and this figure does not include the $0.7 trillion of the Obama stimulous. That's a total of $8.1 trillion paid out or guaranteed by the US taxpayers and their children.