Robert P. Murphy, author of The Politically Incorrect Guide to Capitalism, discusses the Federal Reserve’s Quantitative Easing program; why the Fed has just decided to buy mortgage-backed securities at a 40 billion/month clip; how businesses are disguising the increased costs they must pass on to customers; Ben Bernanke’s devoted service to the big banks; how interest-earning excess reserves are keeping bankrupt banks afloat and discouraging private lending; the argument that defense spending cuts hurt the economy; and why Americans increasingly depend on government services and jobs for their survival.

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