Oh, for a free market.  We didn't hear much from the Federal Reserve head Ben Bernanke during the debt ceiling fiasco, did we?  The Fed is an "apolitical" entity kept at arms length from Congress and the Executive Branch.  Right?  Yet Mr. Bernanke was hip deep in this mess -- a mess partly of his own creation. There are ramifications for fiscal irresponsibility.  But Ben's ZIRP (zero interest rate policy) has taken the market discipline consequences out of the equation of an ever-increasing debt situation.  He has enabled the profligate.  Supply of debt once depressed bond and bill prices, thus raising interest rates.  The machinations of the market and the law of economics were free to work. During an era long ago and in a land far away, bond traders would take careful note of monthly and even weekly debt supply data from the federal government.  More debt would typically result in higher...(Read Full Post)