On June 30, QE2 ended with a whimper. The Fed’s second round of “quantitative easing” involved $600 billion created with a computer keystroke for the purchase of long-term government bonds. But the government never actually got the money, which went straight into the reserve accounts of banks, where it still sits today. Worse, it went into the reserve accounts of FOREIGN banks, on which the Federal Reserve is now paying 0.25% interest.
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WEB OF DEBT BLOG 
Regarding Ron Paul’s proposal, you state “The government would just be canceling a debt to itself and saving the interest.” Except, of course, for the fact that the Fed is not part of the federal government, as you very well know!
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Thanks for finding all the money. This sounds like a check-kiting scheme gone awry. The money is always in transit. Catch it if you can.
“Default is wrong, unnecessary and completely avoidable. If it takes voting on increasing the debt ceiling to avoid default, than that is what Congress must do.”Vermont REP,Peter Welch (D) got it right by saying “IF” it takes voting.
NEWSFLASH:What could be.
“President Obama calls a special news conference with Federal Reserve Bank Chairman,Bernanke ,and Secretary Of Treausry,Geitner”
FRB on behalf of the American people has turned over, as allowed by law ,to the US Treausury the $1.25 TRILLION of US Bonds purchased using QE1 and QE2.The money goes into the Treasury account and reduces the NATIONAL DEBT by that amount,there by being $1.25 below the ceiling!
Please GOD, continue to bless America.
And for readers of this,please note: Can you prove this as incorrect!
Of course,the present bankers will allow this to happen on the day “The Pope
is Grand Marshall at the Orange Day Parade.”
correction…..THEREBY REDUCING THE DEBT BY $1.25 TRILLION
Why is there two comment sections. This one and another under the article
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