This will come back to haunt us. Ever wanted to live in Argentina? Well, you may very well get their economy. Remember, the core of this started when the Diversity Bullies went after the mortgage market.
To keep in context, this isn't happening in a vacuum. As discussed here and here by fellow moneterists Peter Robinson, the Fed is responding to an equally unprecidented fall in velocity.
Payback is a b1tch - nobody rides for free. The Financial Ninja tells it better than I can - read it all.
Hat tip Powerline.
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