The slow puncture ain't so slow anymore.
The Fed announced that they are going to print hundreds of billions of dollars to buy mortgage securities and Treasuries. That's right. Treasuries. The Treasury Department can spend as much money as it wants without worrying about borrowing costs, because the Fed will print all the money it needs to buy all the Treasuries and keep interest rates low. It's essentially a perpetual motion machine of macroeconomics.
Junior Deputy Accountant has more detail and an appropriate picture.
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