The former head of Goldman Sachs, John Whitehead, was also the former head of the New York Federal Reserve, and I met with him, and he said as soon as the Fed stops buying all the debt we’re issuing, which they’ve been doing, the feds buying like three-quarters of the debt that America issues. He said, once that’s over, we’re going to have a failed treasure auction, interest rates are going to have to go up. We’re living in this borrowed fantasy world, where the government keeps on borrowing money, you know, we borrow this extra trillion a year, we wonder who’s loaning us the trillion? The Chinese aren’t loaning us anymore. The Russians aren’t loaning it to us anymore. So who’s giving us this trillion? And the answer is we’re just making it up. The Federal Reserve is just taking it and saying, “here, we’re giving it.” It’s just made up money, and this does not augur well for our economic future. — Mitt Romney in the “missing” 2 minutes of that “47%” video Mother Jones so conveniently edited then released.
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