Reuters:
U.S. Treasury Secretary Timothy Geithner formally requested that Congress raise the $12.1 trillion statutory debt limit on Friday, saying that it could be breached as early as mid-October.
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Why not? Until we run out of trees we can print all of the paper we want!
Got Gold?
is this guy gone mad??? what is his problem??? maybe if he like many people/corporations pay their taxes, we wouldnt need to be increasing our debt limit.
I have a bad feeling about this...
Every other country, especially China and most of Europe have goverment incentives to protect it's industries. No matter what you call it it's a form of protectionism and its inevitable. We should stop being naive and take care of our own house. The only ones who win if we don't are the
hat tip to http://www
Oh my! This must be a recurring nightmare.
Just to be clear, gang.
The government must continually increase its debts because the government of the sovereign people of this country is forced to borrow the money it needs from the private banks and from its citizens.
It need not be that way.
It was not that way for the Colonies, and their economies prospered in unparalleled ways.
In the Colonies, the government issued all the money that was needed for the means of exchange, and they issued it into existence in proper quantities, debt-free. You only had to pay for that pig once, not three times.
But hey, if you like this Federal Reserve system, where private bankers get to create the money and lend it to the government, and where we end up paying two or three times for that pig, or bag of groceries, well, just go ahead and increase the debt.
We will undoubtedly be back very soon.
Abolish the federal reserve system.
Establish the money system that our ancestors had, and for which they fought to maintain as a right against the private British bankers.
It's our money system.
Take it back.
The Money System Common
It just struck me, if he asks for this raise in the debt ceiling now, what is going to be left to ASK FOR later this fall when a stock market fails, as is now being planned!
The 3 big scenario's on the Bilderberg planning table are a stock market collapse, a pandemic release and an attack on one or two key oil refineries to disrupt supply over the winter.
Obama does not strike me as the tough president to going and nationalize the oil cartel and eliminate the Federal Reserve and establish a true U.S. government central bank!
einstein10. Our foreign allies are seeing us better than we can see ourselves. Thanks for sharing Max Keiser's assessments of our Administration.
They discovered some more CEO's that had not yet gotten their bonuses. More money please, taxpayers.
Obama shot himself in the foot with the 787 Billion stimulus.
With all the dollars the FED is printing the US will get a lot of new millionaires, but they will
be millionaires in a worthless currency..
buy real goods for them....Th
Actually, all we do is create new money out of thin air and it's called fractional-reserve banking.
In the fractional debt-money system, all money is created as a debt.
And it created out of thin air whenever a loan is made by a bank.
That's how money is created - out of thin air.
The real issue is who is controlling the money creation, and why isn't there enough money to serve as the means of exchange as needed to maintain our economy?
That's what money is supposed to do.
I am opposed to this debt-money system where all money is created out of thin air as a new debt.
I'm in favor of a new money system where all money is created as equity, and flowed into the system as needed for a stable means of exchange.
It's time to have a talk about the money system.
The Money System Common.
The status-quo is a difficult entity to replace. Geithner is a fox in the henhouse (of our economic well-being), yet he is only symptomatic of a larger malaise in national vision and a political system focused upon the next election rather than long-term, strategic, economic and social welfare.
Arguably, there is not much hope of fundamental changes through a political system dependent upon vast amounts of money for its self-perpetuation - that has trumped interests of "the people" in favor of "the powerful". Nor will anyone dependent upon an electorate and moneyed interests dare to make substantial changes (in personnel or policy) with unknown results as opposed to a perceived notion of security in the status-quo, however imperfect. Thus maintaining status-quo and its expense will be conveniently pushed along to another congress, and the consumer through inflation, ad infinitum. That is our strategic vision.
No one has yet addressed middle-class welfare, insofar as ability to meet increasing expenses with real income vs. credit; or tariffs to protect or increase US manufacturing as opposed to exporting wages. One fears we shall become further entrenched in increasingly profound economic morasses such as on-going until fundamental changes come - that are unlikely in the current system as it has evolved. So we'll keep waiting for that big ship of economic recovery to come sailing in, and print enough fools gold to make it appear buoyant.
Could it be possible that the Treasury and the Fed are purposefully trying to cause a dollar crisis? Or am I just paranoid? They must realize this amount of debt is unsustainable. Just last week the huff post reported that tax revenue "Fell off of a cliff". How will we service this debt?
I don't think they're trying to cause a dollar crisis, but they are certainly very deliberately trying to increase the debt and deficits. That's because their corporate buddies collect the interest on the debt, which is an enormous amount of money. It amounts to an endless stream of hundreds of billions of dollars from the taxpayers to corporate coffers. And of course they know it's unsustainable. But they don't care. They're Democrats and Republicans, not Americans. All they care about is stealing as much money as they can and to hell with the next generations.
The Congressional Budget Office predicts that at the current rate the debt and deficits are increasing by 2017 the annual interest payments will be over $800 billion a year. So forget health care or green technology or anything else. All the money is going to go to paying the interest on the debt.
There have been many rumors that that is exactly what they are doing. The Amero would then be adopted which will cover Canada and Mexican currencies as well. This is seriously being considered.
Citi denied my credit line increase saying I had too many obligations and no proof that I will earn additional income. So who exactly is going to continue to fund this debacle?
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First Posted: 08- 8-09 10:49 AM | Updated: 09- 8-09 05:12 AM