Thomas Sowell

Financing Government Out of Thin Air

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In 2011 the Fed purchased 61%  of all debt issued by the Treasury Department.

The Federal Reserve is propping up the entire U.S. economy by buying 61 percent of the government debt issued by the Treasury Department, a trend that cannot last, Lawrence Goodman, a former Treasury official and current president of the Center for Financial Stability, writes in a Wall Street Journal opinion article published Wednesday.
“Last year the Fed purchased a stunning 61 percent of the total net Treasury issuance, up from negligible amounts prior to the 2008 financial crisis,” Goodman writes.
Goodman also warns that U.S. economy and markets are “at risk for a sharp correction” if conditions aren’t “normalized.”
“This not only creates the false appearance of limitless demand for U.S. debt but also blunts any sense of urgency to reduce supersized budget deficits.”
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Intellectuals

Thomas Sowell has a new book about intellectuals that looks very interesting. The National Review has a review:

Sowell writes that it “was part of a long-standing assumption among many intellectuals . . . that it is the role of third parties to bring meaning into the lives of the masses.” Many people were shocked when in early 2008 Michelle Obama proclaimed, “Barack Obama will require you to work. He is going to demand that you shed your cynicism. . . . That you push yourselves to be better. And that you engage. Barack will never allow you to go back to your lives as usual, uninvolved, uninformed.” Sowell probably just shook his head in knowing disgust.

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Going Rogue

A guest post by Paul Zummo, originally posted at his blog, The Cranky Conservative.

It’s probably not a good idea generally to buy a book out of spite, but in some ways that is precisely what I did when I picked up Sarah Palin’s Going Rogue.  We had had a meeting at work, and several of my co-workers were amusing themselves with some anti-Palin jibes.  So at lunch time I decided to take a stroll to the local book store and pick up Palin’s book, prompting the “Oh, Sarah Palin” observation from the clerk, who must be wondering why anyone in the middle of enlightened Dupont Circle would be interested in the right-wing Neanderthal. And I have to admit that I also delayed reading the book until after I got home from Thanksgiving vacation so that I could proudly read the book on the Metro.

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