It seems the Fed has given up on the idea that the country can
build a viable and stable economy through the conventional
means. Instead, our central bank has resorted to once again
growing GDP and increasing employment by the creation of asset
bubbles. This is a dangerous game that no one, least of all the
Fed, knows how to play.  We learned this past Wednesday that the
FOMC decided to increase its purchases of longer-dated
Treasuries by $600 billion within the next eight months. That
means the Fed is on course to fund about 75% of our annual
deficit! Such figures are the stock in trade of banana
republics. While most of the rest of the world is fighting
inflation and strengthening their currencies, we are doing
everything in our power to end the dollar's status as the
world's reserve.  Canada, China, India, Brazil, and Australia
have all recently taken steps to raise interest rates and/or
curtail bank lending. Compare that to the US, which has left
interest rates at near-zero for almost two years. While oth