Month: August 2012

Fed Now Largest Owner of U.S. Gov’t Debt—Surpassing China


Ben Bernanke

At the close of business on Tuesday, the debt of the federal government exceeded $15 trillion for the first time--with the largest single owner of the publicly held portion of that debt being the Federal Reserve.

Over the past year, as the Federal Reserve massively increased its holdings of U.S. Treasury securities and entities in China marginally decreased theirs, the Fed surpassed the Chinese as the top owner of publicly held U.S. government debt.

In its latest monthly report, the Federal Reserve said that as of Sept. 28, it owned $1.665 trillion in U.S. Treasury securities. That was more than double the $812 billion in U.S. Treasury securities the Fed said it owned as of Sept. 29, 2010.

Fed Now Largest Owner of U.S. Gov’t Debt—Surpassing China

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Paul Smith, Tea Party Rally Attendee And Elected Official, Held Sign Depicting Obama's Head On A Spike (VIDEO)

After carrying signs suggesting President Barack Obama's decapitation and former Michigan Gov. Jennifer Granholm's hanging at a Tea Party rally three years ago, Sterling Heights, Mich. Councilman Paul Smith has been asked by his colleagues to resign his post.

A video from a 2009 Tea Party rally in Troy shows Smith holding graphic signs condemning Obama, Granholm and Minority Leader of the U.S. House of Representatives Nancy Pelosi before his 2011 election to Council.

The least offensive text reads, "she turned Michigan into Detroit," referring to the former governor, with other slogans reading “Extreme left b*tch,” on the Pelosi sign, and "He changed America into Uganda” on the sign with Obama.

Paul Smith, Tea Party Rally Attendee And Elected Official, Held Sign Depicting Obama’s Head On A Spike (VIDEO)

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