Eye of the Pyramid - Page 3

In the end, not only will the federal government be confronted with far bigger budget deficits, but it will also need to finance them at considerably higher interest rates. The Treasury had better hope that Asian savers are willing to step up to the plate, for if they balk, default or hyper-inflation will be the only alternatives. Holders of U.S. Treasuries, or any U.S. dollar-denominated assets, be warned.
We allowed our government to circumvent what the Constitution says regarding money. We have allowed a FED to take power from Congress to make money. We have allowed the FED to debase our currency. Thomas Jefferson said:

If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the peopleof all property until their children wake up homeless on the continent their fathers conquered.

The book is a condemnation of our profligate ways and how men since Egyptian times have been corrupted by power.

In Human Events, Is U.S. in Slow Motion to Socialism? Stephen Moore writes:

The prescription drug benefit bill from last year alone added more than $10 trillion in government outlays with one stroke of the pen. I recently asked Congressional Budget Office Director Douglas Holtz-Eakin what the total unfunded liability is for the long term with respect to the prescription drug bill. His answer: "It is infinite." Too big to be counted or calculated. This Republican bill may have been the most financially irresponsible legislation of the last 30 years.

Treasury Secretary John Snow recently announced that the total unfunded liabilities of the United States government total $80 trillion ($80,000,000,000,000). Ouch! That's a debt load equivalent to about six times our current GDP. It is almost twice as much as the value of all goods and services produced everywhere in the world last year. And it is more money than has been earned by every American cumulatively since the Mayflower landed here 500 years ago. [Emphasis mine.]

Read the book! Not only is it a good yarn, but you may learn something about the world of finance you didn't know.

Article Author: Mover Mike

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