It is no secret the United States has huge budget deficits. One method of dealing with this massive debt is to monetize it by printing more currency, a politically controversial strategy. The United States Federal Reserve can also buy Treasury bills that are already in circulation, but these purchases add still more debt to the country. However, this is precisely what happened in October 2010 and the time leading up to it.

The Federal Reserve and the Primary Dealers

The Primary Dealers are government securities dealers, the biggest financial firms in America, that have an established trading relationship with the Federal Reserve. The Primary Dealers involve 18 firms:

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