Ben Bernanke Taught Them Well

The following story from Cyprus reminds me of Ben Bernanke testifying before Congress that he would not monetize our debt:

That was back on June 3, 2009. The facts are presented below:

Projected and Recent US Federal Debt Numbers

Gross
Federal Debt
Debt Held
by Public
Debt Held by
Federal Reserve
FY 2013* $17.5 trillion $10.6 trillion $2.1 trillion
FY 2012* $16.4 trillion $9.7 trillion $1.9 trillion
FY 2011 $14.8 trillion $8.5 trillion $1.7 trillion
FY 2010 $13.5 trillion $8.2 trillion $0.8 trillion
FY 2009 $11.9 trillion $6.8 trillion $0.8 trillion
FY 2008 $10.0 trillion $5.3 trillion $0.5 trillion

We know where this will end but we do not know when.

David DeGerolamo

After reading this memo from the Central Bank of Cyprus sent to bank CEOs on February 11, arguably to put them at ease, all we can say is “Oooops”…

More…

      
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