Thanks to borrowing short and lending long, the central bank could end up losing big money. This Wall Street Journal op-ed piece from George Melloan is one of the most astute and insightful explanations I’ve read concerning the Fed’s — and our — dire financial predicament.  Melloan, a former columnist and deputy editor of the Journal editorial page, is author of The Great Money Binge: Spending Our Way to Socialism (Simon & Schuster, 2009). Click here to read the full article.