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The Federal Reserve is presently considering an emergency operation that is so risky it could send the dollar slip-sliding over the cliff. The story appeared in the Financial Times earlier this week and claimed that the Fed was examining the feasibility of buying back hundreds of billions of dollars of mortgage-backed securities (MBS) with public money to restore investor confidence and clear the struggling banks' balance sheets. The Fed, of course, denied the allegations, but the rumors abound.
"If two people refuse to pay their taxes, they are arrested and put in jail or fined. This information is duly given to the media to discourage others. But if ten million people, or more, refuse to pay their taxes (and they can’t thanks to the payroll deduction program) then prosecution becomes impossible.