Market Ticker: Fed has been printing money

I believe we may be days, weeks or (at the outside) months away from The United States reaching the point of no return in the mismanagement of this financial mess.
"We are dangerously close to investors worldwide coming to the realization that Ben Bernanke at The Fed has taken in "collateral" that is not worth anything close to what has been claimed - that is, that he's been lying all along.
In fact, if you remember back when Bear Stearns was first bailed out we were told there was little chance there would be any impairment on those so-called "assets" as a significant haircut had been taken - but The Fed has been quietly writing down the "assets" in "Maiden Lane", the Bear Bailout facility, without any significant announcement or discussion with Congress. (Yes, I know, Blackrock "claims" the collateral has been performing well on a cashflow basis. If all this is true, why can't we all see the details?)
Should investors around the world (and in the United States) come to believe that Treasury, The Fed and Ben Bernanke are liars, they would then be forced to conclude that they have in fact conspired to monetize a significant part of the bad paper "accepted" through the various facilities - which would mean The Fed has been "printing money" (despite telling you he had not in his latest Congressional testimony.) ...."
http://market-ticker.denninger.net/archives/655-Last-Chance.html