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News Link • Government Debt & Financing

The Federal Reserve Embezzles $4 Billion from the U.S. Government--Daily - by Olde Reb

• L. Neil Smith**Q**s The Libertarian Enterprise

A popular concept is that the government will "borrow" from the Federal Reserve for deficit spending. This involves giving a Treasury security (bill, bond, or note) to the Fed as collateral and the Federal Reserve Bank of New York will credit an account of the government in the amount of the security. The government will then buy military goods, fund social programs, pay government salaries, etc. with the book entry money. ...

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