These are very dangerous times

The fed is buying US gov. debt

(A negative -$9,500,000,000.00 in one week

and you have to pay for it!)

7/9/2009

Reserve Bank credit Weekly Change Prior $-9.6 B Actual $-9.5 B (This mean the the fed made 9.5 billion of debt last week from thin air , and in the near future the gov. will force the American people to pay back through higher taxes)

The Fed continues to expand its purchases of Treasuries but this was more than off set by declines in balance sheet components elsewhere-including for some of the emergency facilities. Reserve Bank credit for the week ended July 8 fell $9.5 billion after decreasing $9.6 billion the previous week. The latest decline was led by a $9.1 billion in term auction credit. Basically, banks are finding cheaper sources of funds-there apparently is plenty of supply outside of the term auction facility. Also showing sharp declines were central bank liquidity swaps, down $5.9 billion; net portfolio holdings of the Commercial Paper Funding Facility, down $5.5 billion; and holdings of Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, down $2.3 billion.

While demand for funds at a number of emergency facilities is down, the Fed has been steadily expanding its holdings of securities held outright, which increased $12.4 billion in the latest week after rising $9.2 billion the week before. In the week ended July 8, this included $11.5 billion in Treasury notes and bonds and $1.0 billion in federal agency debt securities. Mortgage-backed securities edged down marginally.

The Fed's balance sheet story seems to be a repeat of recent weeks. Emergency lending is down-which indicates some improvement in credit markets. But the Fed is continuing to add to liquidity through securities held outright-especially Treasuries.

Cheney 'ordered CIA to hide plan' Dick Cheney

played a key role

in US anti-terror policy after 9/11

The head of the CIA has accused former US Vice-President Dick Cheney of concealing an intelligence programme from Congress, a top US senator says.
The existence of the programme, set up after 9/11, was hidden for eight years and even now its nature is not known.
Democrat Senator Dianne Feinstein confirmed CIA chief Leon Panetta told Congressional committees he had abandoned the project on hearing of it.
He said that Mr Cheney was behind the secrecy, Sen Feinstein said.
There has been no comment from Mr Cheney. ( learn more at )