"Economist John Williams says the Federal bank account at the US Treasury Department is down to just one-day's estimated outlay, a dire situation that can only be papered over for a short time. Williams cites the May 28 Daily Treasury Statement showing the US Treasury has an operating cash balance of ~$16 billion which is roughly one day's average cash outlay of about $17 billion. "Why isn't this big news?
"Williams says he had expected the US dollar to come "heavy selling pressure in April and May, but manipulated market perceptions of a pending reversal of the Federal Reserve Bank's "quantitative easing" program temporarily averted a looming US fiscal disaster. "Maybe this is why Bernanke hinted that he wouldn't print money forever which sent stocks tumbling. This shows how Bernanke has painted himself into a corner.