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Is the Fed running out of firepower? Or, to rephrase the question, is it possible that the central bank of the world’s biggest economy is becoming overstretched and overwhelmed by the costs of the crisis? If so, does that mean the United States could go bankrupt?

The question is becoming urgent, because Tuesday the Fed cut the federal funds rate from an extraordinarily low 1 percent to an unprecedented 0.25 percent, with a prospect of going down to zero.

But even such unheard-of steps might not, on recent experience, revive the animal spirits of entrepreneurs and get bankers lending again. Fear still rules the markets.

Read full story on UPI:

Walker’s World: Could U.S. go bankrupt?
By MARTIN WALKER, UPI Editor EmeritusPublished: Dec. 17, 2008 at 11:07 AM

WASHINGTON, Dec. 17 (UPI) – Is the Fed running out of firepower? Or, to rephrase the question, is it possible that the central bank of the world’s biggest economy is becoming overstretched and overwhelmed by the costs of the crisis?

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