Is it all just a Ponzi scheme?

Half A Trillion In Treasury Purchasers Are Unaccounted For

"We are now in a situation... where the FED is printing dollars to buy Treasuries as a means of faking the Treasury's ability to attract outside capital. If our research proves anything, it's that the regular buyers of US debt are no longer buying, and it amazes us that the US can successfully issue a record number Treasuries in this environment without the slightest hiccup in the market."

Sprott December.pdf (207.45 KB) or read here:

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h/t: Zero Hedge