OPINION:
The notion that there is truth in lending has for decades helped consumers feel safe when borrowing money — but it doesn’t seem to have been picked up by the Federal Reserve or the media covering the bank’s actions.
I would guess most U.S. citizens and residents are familiar with the term “printing money” to describe the Fed when it increases the money supply. In my humble opinion, this terminology could lead people to believe that increasing the supply of currency has no repercussions.
But “printing money” should be called what it is: borrowing money. It increases the deficits and our national debit until it is paid. That debt belongs to all of us.
Truth in debt is what’s needed when the current administration is “printing” trillions of dollars and putting us all on the hook for money we had no say in borrowing.
JAMES KOUT
Bowie, Maryland
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