What happens if you have a bond sale and nobody comes? I guess you buy the bonds yourself.

A Principle for Peter in the 21st Century

By Dr. Robert R. Owens
Saturday, November 13, 2010

The world is lining up to not buy our debt so we are buying it ourselves in a move we call by the innocuous acronym QE2, which is short for Quantitative Easing two.

More traditional, or verbally honest, economists are calling this what it is: monetizing our debt. This is a move which has our creditors heading for the doors and our enemies smiling as poor old Uncle Sugar stands with his pockets turned inside out, a bewildered look on his face as he wonders, “Where did all flowers go?â€