$9.9 Trillion and Counting, Accelerating the Mises Moment

US government's bailout tab has now risen to $9.9 trillion as tabulated by the New York Times.

And as we have said, more of these would be coming until everything becomes unsustainable.

From the New York Times, ``The Fed said it would purchase an additional $750 billion worth of government-guaranteed mortgage-backed securities, on top of the $500 billion that it is currently in the process of buying. In addition, the Fed said it would buy up to $300 billion worth of longer-term Treasury securities over the next six months. That would tend to push down longer-term interest rates on loans of all types."

Gonoism lives!

A reminder from the prescient words from Ludwig von Mises in Human Action, ``There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

The Mises Moment seems to be gathering steam.