Is the Fed Making Infinite Elastic Money?

The Fed raising interest rates leaves the European Union and the old European money center banks really vulnerable, really vulnerable. The ECB doesn't have that opportunity. It's not the same institution at all. So when you really start thinking about it this way, the Fed has the ability to engender a crash in a sovereign bond crisis. But remember, what we saw in Britain just the other day with the run on UK guilt? There was a run on UK sovereign debt at a time when the pension funds were weak because they're already down 30% in the equity markets or down 30% on their bond holdings. Think about that. All those British pension systems were now looking at called massive margin calls