"Shutdown is nothing: Debt ceiling debacle could be ugly
Tuesday's government shutdown could be just the warm-up act.
The failure by Congress on Monday to renew the federal budget into a new fiscal year is expected to be followed in a few weeks — no one knows exactly when — by an even more dangerous stalemate over raising the government's borrowing authority." -- http://www.nbcnews.com/business/shut...gly-8C11311718
Why not just let Obama raise the debt ceiling? If you are familiar with how money is created then you know that the gold-backing of the U.S. dollar has basically dwindled to zero. This means that essentially all dollars are created as debt, even for the government. And with debt comes interest. And you can't pay both what have loaned plus interest without creating more money, meaning more debt, leading to more money needed to be created and therefore more debt and so on in a vicious circle.
So the overall debt increase is inevitable with the current monetary system. So don't blame Obama for wanting to raise the debt ceiling.
Tuesday's government shutdown could be just the warm-up act.
The failure by Congress on Monday to renew the federal budget into a new fiscal year is expected to be followed in a few weeks — no one knows exactly when — by an even more dangerous stalemate over raising the government's borrowing authority." -- http://www.nbcnews.com/business/shut...gly-8C11311718
Why not just let Obama raise the debt ceiling? If you are familiar with how money is created then you know that the gold-backing of the U.S. dollar has basically dwindled to zero. This means that essentially all dollars are created as debt, even for the government. And with debt comes interest. And you can't pay both what have loaned plus interest without creating more money, meaning more debt, leading to more money needed to be created and therefore more debt and so on in a vicious circle.
So the overall debt increase is inevitable with the current monetary system. So don't blame Obama for wanting to raise the debt ceiling.
via JREF Forum http://forums.randi.org/showthread.php?t=266183&goto=newpost
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