If you're wondering where your future went—why your mortgage is unaffordable, your savings are worthless, and your taxes keep rising—it’s buried under $4.2 trillion in government IOUs held by a central bank that no longer pretends to play by the rules. The Fed’s Forbidden Balance Sheet In 2008, the Fed was what it was always supposed to be: a lender of last resort, holding a modest $500 billion in Treasurys. Today? Over $4.2 trillion. And if the current trajectory continues, by 2035, it’ll be nearly $10 trillion. That’s not support. That’s domination. The Fed will become the government’s largest creditor—surpassing China, Japan, Wall Street, and Main Street pension funds combined. This isn’t a safety net. It’s a straitjacket. Because when…
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