>QE is buying back debt with newly printed money. It's an accounting trick. They are paying off a dollar of debt with 70 cents. Nothing too tricky about that.
If you want to oversimplify the work of the Fed, fine. But the real question is whether or not QE will lead to hyperinflation, as gleefully predicted by Schiff, et. al. To date, there is zero evidence to support that theory.
I'm going to make a prediction for one year from now: Unemployment will be between 4 and 5 percent, inflation will be below 2 percent and Peter Schiff will still be saying hyperinflation is right around the corner, hoping against all odds that his broken clock is right this time.
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Today's Featured Article - A Belt Pulley? Really Doing Something? - by Chris Pratt. Belt Pulleys! Most of us conjure up a picture of a massive thresher with a wide belt lazily arching to a tractor 35 feet away throwing a cloud of dust, straw and grain, and while nostalgic, not too practical a method of using our tractors. While this may have been the bread and butter of the belt work in the past (since this is what made the money on many farms), the smaller tasks may have been and still can be its real claim to fame. The thresher would bring in the harvest (and income) once a y
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