Fed Governor Lets Slip That They ARE Monetizing the Debt!

Steve Liesman with Tim Geithner on June 2: "The Fed is absolutely not monetizing debt" (9 mins, 9 seconds into the clip)

Steve Liesman with Bill Dudley of the New York Fed, "I don't think [the Fed] is monetizing debt to any meaningful degree." (2 mins, 16 seconds into the clip)
At least Steve could could have had the courtesy of telling Bill what the Treasury Secretary said on the topic 3 months prior so the two could have kept the story straight. Either way, this will finally put the semantic debate over monetization to rest.
Bonus material: Dudley admits that the Fed is using excess reserves to buy Treasuries. Bill, duration mismatch is the last thing you will have to worry about come "unwind" time.
"Excess reserves are funding the purchases of Treasuries and Agencies" (3 mins, 10 seconds into the clip)

And there you have it folks. The Fed's pyramid scheme is now confirmed.

Original link.