Written by: Tom Mullen
While it is likely that the two parties in Congress will reach a deal before the August 2 deadline, I can’t help reflecting on how wonderful it would be if they didn’t. While Congressman Ron Paul has correctly pointed out that the government has already defaulted at least three different times in its history, and continues to default every time it prints new money, it is not quite the same as an “on-the-books” failure to make a timely payment. That is exactly what America needs.
Politicians, mainstream economists, and the media tell us that a U.S. government debt default would be catastrophic. Treasury bonds would be downgraded, interest rates would soar, and the massive government spending that has supposedly fueled the present (jobless) recovery would be severely curtailed, plunging the U.S. and possibly the world back into a deep recession.
Perhaps that is true. However, a debt default by the federal government would still be a blessing to American society for several reasons. [more…]
Submitted by: New Patriot
And so the Ponzi scheme continues... Wall Street defrauds the American public of trillions of dollars, expenses their well-being, eradicates the middle-class and borrows from their future prosperity all so a few more bucks can line their greedy pockets.
As if trillions in taxpayer bailouts wasn't enough?
In typical fashion, the rich get richer while the wealth of the middle class evaporates. The elite bankers laugh all the way to sky high profits.
Must be nice to be lent an unlimited credit line at 0% interest from the Federal Reserve so you can inflate a massive bubble in risk assets.
Who cares that the consequences of this reckless behavior will bring the Country to her knees, far worse than the depths of hell we experienced in 2008.
It's all about the green baby! [more…]
Written by: Christopher Greene
I was sitting at a local restaurant sharing a turkey sandwich with my Dad when the bartender (a pretty lady and quite astute) noticed the TV talking about the current U.S. budget deficit and the 'printing press' Ponzi scheme currently being implemented by the U.S. Federal Reserve.
To paraphrase her own words she said, 'In a perverse way, I'm actually excited to see what happens. Everyone knows that this won't end well. I wonder what the new currency will be?' [more…]