The monetization of U.S. government debt, we’re watching

``Didn’t Chairman Bernanke say, “The Federal Reserve will not monetize the debt.” Yes he did, as clear as day to the House Budget Committee back on June 3, 2009. And yet 17 months later Bernanke gave us QE II, which not only means the Federal Reserve will be purchasing about $75 billion a month in assets for the next 8 months, but as it so happens, some $110 billion in Treasury Notes and Bonds too. That’s enough to finance the U.S. government’s projected fiscal deficit right up through June 2011, in full.''