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Very interesting list of The Top Ideas of the Last Decade in Christianity.

For the 150 year anniversary of the publication of "On the Origin of Species", I wanted to read through the book and debate it. Reading through the book was not easy, but I've completed reading it and critiqued every chapter in it. You can read what I wrote in the Book Debate subforum at DebatingChristianity.com.

U.S. lays out plan to attract buyers for toxic debt
February existing home sales rise by 5.1 percent
Dow up 500 on Mon
Krugman - Financial Policy Despair
China calls for the creation of a new currency
The Geithner Plan FAQ
A picture is worth $12 trillion
Dow down 115 on Tues
Financially strapped post office asking for help
EU presidency: US stimulus is 'the road to hell'
U.S. home sales climb at fastest pace in 10 months
Dow up 90 on Wed
Administration unveils financial system overhaul
Jobless claims set new record; GDP down more in 4Q
Atlanta unemployment has doubled in one year
Brown ‘Terribly Fragile’ After Bond Auction Flops
Mortgage rates at 52-year low
Dow up 171 on Thu
US backing for world currency stuns markets
U.N.'s Ban says slump may lead to political crisis
Dow down 148 on Fri

Cramer Grilled on Jon Stewart
China’s Premier Wen ‘Worried’ on Safety of Treasuries
Bernanke Gives Rare TV Interview
Is the Fed Ready to Board the QE3?
Gold Jumps as Swiss National Bank Joins Printing Money Policy
A.I.G. Planning Huge Bonuses After $170 Billion Bailout
Bankers rushing to say ‘no thanks’ to TARP
U.S. output plummets, manufacturing at record low
Foreign investors flee long-term treasuries
Dow down 7 on Mon
Dow up 178 on Tues
SPIN METER: Cue the Washington outrage
Fed to Buy $1 Trillion in Securities to Aid Economy
Fed starts printing money
Dow up 90 on Wed
Georgia unemployment at record 9.3%
New jobless claims fall more than expected to 646K
U.S. Stocks Retreat on Skepticism Over Bernanke’s ‘Shell Game’
Auto suppliers to get $5 billion in aid
House Passes Heavy Tax on Bonuses for Rescued Firms
Dow down 85 on Thu
U.S. 2009 budget deficit revised to $1.8 trillion
Dow down 122 on Fri
Feds shut banks in Georgia, Colorado, Kansas
2 corporate credit unions taken over by government
Regulator: It's 'Ponzimonium'
19% chance Geithner departs June 09
Obama says would not accept Geithner resignation

Wednesday, the Fed unleashed the nuclear option - printing money. Or in Fedspeak - quantitative easing. To the tune of 1.15 trillion bucks.

China knew this was coming when Premier Wen Jiabao said "I request the U.S. to maintain its good credit, to honor its promises and to guarantee the safety of China’s assets." And Bernanke also had his PR moment on 60 minutes last weekend (the last time a Fed chairman did this was in 1987). But it's not really a major surprise he'd do this since Bernanke had said he'd do this in 2002.

Deciding to print money is pretty much the final desperate move. Why did he finally choose to do it now? Because otherwise Treasury interest rates would go through the roof. Treasury demand has been falling for the past several months. Foreign investors sold a net 43 billion dollars in long-term US securities in January. 3 mo MA of long-term securities have been falling for almost a year. In order for rates not to rise, the Fed would have to buy Treasuries, since nobody wants them now at these low rates.

What does this mean for the average US citizen? The money in our pockets are losing value. So, instead of a visible taxation on our income, we now have an invisible hand taking away all our money.

As the saying goes "there is no free lunch." And I don't think this will all end out well (I'm thinking Zimbabwe).

Links:
Helicopter Ben finally hauls out the helicopter
The Fed End Game
I'll be watching you
Wikipedia on QE
Quantitative easing explained

UK government takes controlling stake in Lloyds
Washington plans for big bank failure
Revealed: 15 AIG bailout counterparties
Icelandic government takes control of Straumur
Global Financial Assets Lost $50 Trillion Last Year, ADB Says
Labor market getting squeezed
Buffett: Economy fell 'off a cliff'
Merck to Buy Schering-Plough for $41.1 Billion
Geithner, With Few Aides, Is Scrambling
Capital One slashes dividend
Dow down 80 on Mon
Japan posts first current account deficit in 13 years
Pandit: Citi operating at profit through February
Citigroup Sparks Big Rally, But the Pros Are Skeptical
Buffett's big bet: Jonathan Ford
Dow up 379 on Tues
Madoff will plead guilty to all charges
4 states see double-digit jobless rates in Jan.
7 states post jobless rates above 10%
Dow up 4 on Wed
Madoff Is Jailed After Pleading Guilty
General Electric loses top credit rating
Household net worth sinks $11.2 trillion
Dow up 240 on Thu
Fitch cuts top rating on Buffett's Berkshire
Atlanta downgraded two levels
Dow up 54 on Fri

U.S. commits further $30 bln to AIG
Regulators Shut Two Small Banks in Illinois, Nevada
Berkshire Profit Plunges 96% on Stock Market Bets
AIG enters record books with $61.7 billion loss
In Twist, AIG Sues Its Benefactor Over Taxes
Dow falls 300 on Mon
Fed launches new $200B consumer credit program
Dow down 32 on Tues
Dow up 150 on Wed
BoE cuts interest rates to 0.5 percent
Bank of England embarks on quantitative easing
12 pct. are behind on mortgage or in foreclosure
Berkshire Credit Swaps Rise to Record, Imply ‘Junk’
Half of subprime/ARM behind on mortgages
Citigroup stock falls below $1 a share
Dow down 280 on Thu
Jobless rate bolts to 8.1 percent, 651K jobs lost
Dow up 35 on Fri
Freedom Bank of Georgia closes

Ritz Camera files for bankruptcy
AMEX wants some cardholders to cancel
Dow down 251 on Mon (7114). Closes at 1997 levels.
Bernanke: economy suffering 'severe contraction'
AIG in talks with U.S. government, sees $60 billion loss: source
Prices of U.S. single-family homes fell 18.5 percent in December
Consumer confidence plummets to 25
Dow up 235 on Tues
Dow down 80 on Wed
667K new jobless claims; continuing claims top 5M
GM posts $9.6B 4Q loss, burns through $6.2B cash
Official: Budget projects $1.75 trillion deficit
Jobless claims spike to 26-year high
Georgia unemployment hits record high
Dow down 88 on Thu
In Revision, G.D.P. Shrank at 6.2% Rate at the End of 2008
Citi Gets Nationalized; Don’t Call It Nationalization
Dow down 119 on Fri
Regulators close banks in Illinois, Nevada

Japan economy shrinks at fastest rate in 35 years
With no budget, California to cut 20,000 state jobs
Trump Entertainment files for bankruptcy
Obama signs stimulus bill
Dow down 297 on Tues
U.S. Accuses Texas Financial Firm of $8 Billion Fraud
GM seeks up to $30B in aid, will cut 47,000 jobs
Automakers Seek $14 Billion More in Aid
Dow up 3 on Wed
Nearly 5 million are getting unemployment benefits
$275 Billion Plan Seeks to Address Housing Crisis
Job losses possibly the worst in 50 years
Allen Stanford goes missing as worried investors pull funds
Dow down 89 on Thu
Dow down 100 on Fri

Dow down 9 on Mon
GM to cut 10,000 salaried jobs
Nissan to cut 20,000 job
Bailout Plan: $2.5 Trillion and a Strong U.S. Hand
Geithner’s Bank Rescue Pledges Greater Disclosure
Market Pans Bank Rescue Plan
Dow falls 382 on Tues
Peanut Co. owner refuses to testify to Congress
Dow up 50 on Wed
U.S. retail sales jumped 1 percent in January
Charter Communications to file Chapter 11
Pension plans lost $445 billion in 2008
Dow down 6 on Thu
Stimulus Bill Passes in the House With No G.O.P. Support
Salmonella-hit peanut company files for bankruptcy
Dow down 82 on Fri