My Takeaways:
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The ratings agencies are puppets, and have no independence
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The Fed Balance Sheet is currently the worst of any entity in the history of the world, based on the crap they have been and continue to be buying since March 2008
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If Ron Paul’s legislation were to pass, and a true independent auditor with no ties to the US were allowed in to audit the Fed balance sheet, the ensuing report would destroy any remaining US financial credibility in the world, collapse the US$, and put US T-bills into junk status
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This being said, politicians will allow the cloak and daggers to continue out of necessity