The debt ceiling debate may not have the sleaze-appeal of the Casey Anthony trial, but surely it will dominate the news for the next few days- and rightly so. As the faltering US economy teeters on the brink of a second Great Depression (assuming we haven’t already toppled into the abyss), this may well be the final opportunity for Congress to repent of their profligate deficit-spending and avert an unparalleled American economic catastrophe.
As some have suggested, Obama will surely find a way to blame the Republicans, especially the Taxed-Enough-Already component, if the federal government is pushed into default.
But here is Obama’s predicament in a nutshell. He wants Congress to sufficiently raise the debt ceiling to get him through the next election- and the proposed six month plan to “modestly” raise the debt ceiling while only moderately curbing spending would most certainly engender yet another “three-ring circus” (as Obama called the present debate last night) right in the middle of his 2012 Presidential campaign. Horrors! We can’t have that, can we, Barry?
Like the housing bubble that was inflated with the hot air of easy money (irresponsible low-interest lending), the over-inflated debt bubble is a Ponzi scheme of sorts- but instead of promises to investors, we have made economic commitments through a mind-boggling array of domestic entitlement programs (including pork and abuse of Social Security) designed only to help the Washington politicians “win friends and influence people.”
When an individual tries to buy friends with money, those friends will only remain faithful until the money runs out. Moreover, the foolish practice of buying friends and influence usually ends with a fool’s financial ruin. In the longstanding practice by our Washington bureaucrats of gaining power and influence through profligate spending, however, they would prefer that American taxpayers end up holding the odiferous bag- not the self-serving politicians themselves or the private interests of the Federal Reserve.
Notice the rising prices on your last trip to the supermarket? Applied for a mortgage lately? Yer eyes pop when ya filled up yer soccer-wagon tank with gasoline? Yer home a little lighter in value these days? Sending your children to college now a pipedream? Credit cards maxed out? Underemployed? Unemployed? Looks to me like the debt bubble may have already busted…
Obama’s political strength (his waning ability to retain a slim balance of domestic political power) lies in that segment of American society which benefits from myriad entitlement programs yet pays no appreciable taxes. If the money runs out, they will no longer follow their Kenyan pied piper.
Moreover, the modus operandi of Barry’s failed foreign policy has been to use (waste?) your tax money to promote his own interests- which are rarely your interests. For example, Barry apparently unilaterally attacked Libya to strengthen his ties with the Muslim Brotherhood- and also appease the international banking cartel by thwarting Kadhafi’s plan to replace the Federal Reserve’s fiat currency in the African marketplace with gold Dinars.
And speaking of the Fed, perhaps I should remind you that most of our debt is held by private interests within the Federal Reserve. Since the Federal Reserve Act of 1913, the Fed essentially has created money at almost zero cost (whatever the Fed pays the treasury to print their Federal Reserve Notes) and then lent that bogus money to the American taxpayer at interest. With the advent of electronic ledgers, however, the Fed now also creates those fiat dollars literally out of thin air with electronic deposits from the top. The federal government issues bonds like you might use your credit cards to cover a budgetary shortfall, and most of those bonds are snapped up by the Fed- which in turn provides the government with more of their funny money. Pretty good hustle, eh?
Again I remind you that we are on the verge of second Great Depression. The first Great Depression came on the heels of economic speculation following WWI. Well, it took a little longer this time for unbridled greed dripping with speculation to grimly reap its toll, but Great Depression II is about to follow WWII- as scheduled by the international banking cartel.
My view on all this? The bottom line? Don’t prolong the agony. It should be readily apparent to every American taxpayer that neither Congress nor the White House will cease to abuse us, unless Speaker Boehner pulls the plug. In other words, don’t raise the debt ceiling- and yes, permanently default on what we owe the Fed. Congress will finally have to mend their profligate ways. The primary “victim” will be the Fed, which holds most of our debt- essentially through a Ponzi scheme enabled by the Federal Reserve itself.
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Richard Allan Jenni
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