After today’s purchase of treasuries, the Federal Reserve holds just over $821 billion of US government debt, putting it just past Japan and within spitting distance ($27 billion) of China.
At the expected rate of purchase, the Fed should surpass China as the largest holder of US debt in the world by the Halloween, which seems fitting.
Please keep in mind what is going on. Every time the Fed buys something, they use a little bit of the money in your pocket. So every purchase of treasuries is done by taking money from you first, then funneling it to the US government to spend any way it chooses.
Think of it as an un-debated, un-approved, un-mentioned tax.
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