Taper? We Don't Need No Stinkin' Taper
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.