By now everyone knows that Congress and the White House approved an enormous $700-plus billion package a short time ago and that the Treasury Department is rapidly burning through that mountainous sum and asking for more. What wasn't known until the past few days is that the Federal Reserve has been "lending" hundreds of billions of additional dollars to troubled companies and institutions. In fact, the Fed may have already dished out nearly $2 trillion!
If the language in his first post-election press conference is any indication, Senator Barack Obama will be true to his profligate campaign promises. He pledged in that November 7 press conference a variety of vague new government initiatives that would appear to require massive new federal spending.
Lost in all the Obama furor, the world's leading economic powers — the so-called G-20 nations — are quietly laying plans for a November 15th summit in Washington, D.C., that may effect a revolution in world finance and global governance, a revolution with potentially much greater long-term impact on America than anything on President-elect Obama's agenda.