= handing citizens a high interest rate bank-financed credit card and forcing them to run it up to the limit.
There is no such thing as government "spending" in a debt based monetary system. It is not possible, every dollar charged is financed, extracted from the citizenry, and paid to ultra-rich paper financiers 2.5x over the life of the loan (not counting perpetual refinancing). Most congressmen know this but are too dumb, or corrupt, to take this crises seriously. They've never known real pain and think the US worker is an indestructible, inexhaustible cash cow.
FDRAllOverAgain's statement of natural law:
When those in power are uniformly convinced that nothing can truly harm them, nothing can possibly save them.
Thursday, February 5, 2009
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Fact is the Federal Reserve requires constant borrowing and debt creation in order for our financial system to function. There is an entire industry built around this cash flow, and when the flow stops there is great consequences.
ReplyDeleteIn tough times, when the private sector deflates, causing a temporary halt in this flow of debt, our government steps in to make up for the difference.
There is no other way to make this work.