How money is created out of thin air

This Bloomberg article  describes how $630Bn was created out of thin air yesterday in the giant ponzi scheme that is the US$.  Normally the Fed enters into swap agreements with other central banks to inject funds into the system, using reserves as collateral.  However, THE FED HAS NO MORE RESERVES!!  So in essence, "The ONLY way the Fed can flood the world with dollars is to beg all the other banks to give us dollars for us to give them." (Money Matters)  

And now the Bank of England and the Bank of Japan are shitting themselves because the $700bn (strangely similar to 630bn..) bailout package was defeated by congress.  Poor poor central bankers don't get their loot from uncle Sam.   Expect a frantic effort to pass another bill.

The rest of the world is now in as deep shit as the US.  They keep pretending the US$ has value because if it doesn't their US$ denominated investments vaporize, their exports won't be purchased, and their economies will crash.  It's amazing to see this game of economic chicken at work.  

Rome debased it currency as the empired ended
England devalued the pound as its empire collapse post WWII
America is debasing the $ as its empire is ending

I really don't want to learn Mandarin, put it looks inevitable.