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James Turk: Fed is now 'buyer of last resort'
10:30p ET Monday, November 30, 2009
Dear Friend of GATA and Gold:
The Federal Reserve has become essentially insolvent because of its recent massive purchases of mortgage-backed securities, GoldMoney founder James Turk writes in commentary posted this week at the Free Gold and Money Report. The Fed, Turk writes, is now not only "the lender of last resort" but "the buyer of last resort." That's the headline on Turk's commentary -- "The Federal Reserve Becomes the 'Buyer of Last Resort" -- and you can find it at the Free Gold and Money Report Internet site here:
http://www.fgmr.com/federal-reserve-buying-mortgage-backed-securities-de...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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