Don’t worry, America — Ben Bernanke has it all under control:
The U.S. Federal Reserve said on Wednesday that it would continue buying bonds at an $85 billion monthly pace for now, expressing concerns that a sharp rise in borrowing costs in recent months could weigh on the economy.
The decision surprised financial markets, which were braced for a modest cut in the central bank’s economic stimulus, and Fed Chairman Ben Bernanke refused to commit to a tapering of purchases later this year, as he had previously suggested.
“There is no fixed calendar schedule. I really have to emphasize that,” he told a news conference. “If the data confirm our basic outlook, if we gain more confidence in that outlook … then we could move later this year.”
Stimulus now, stimulus tomorrow, stimulus forever!
Because you can’t get rich without spending trillions of dollars you don’t have.