Saturday, August 8, 2009

Geithner To Congress: MORE DEBT PRETTY PLEASE

Tim Geithner formally asked Congress to raise the Treasury debt limit from $12.1 billion (emphasized points are mine):

"It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always [PRINT MONEY IN ORDER TO] meet its obligations," Geithner said in a letter to Senate Majority Leader Harry Reid that was obtained by Reuters."

Geithner's request goes on to state:

"Congress has never failed to [GET IN THE WAY OF SPENDING MORE MONEY AND] raise the debt limit when necessary. Because members of both parties have long recognized the need to keep politics away from this issue, these actions have traditionally received bipartisan support," he wrote. "This is clearly a moment in our history that calls for [CONGRESS TO DO THEIR DUTY AND PILE ON MORE WASTEFUL SPENDING FINANCED WITH DEBT AND FOR] continuation of that tradition."

Here's a link to the story: http://www.reuters.com/article/domesticNews/idUSTRE57706N20090808

I don't know about anyone else, but I'll be curious to see when Geithner puts out a proposal for Congress to enact legislation mandating a systematic reduction or our national debt. As it stands now, President Obama has elevated our Government spending to appalling levels and is now creating a debt burden that will end up being catastrophic for our system.

1 comment:

  1. ________


    Read "Bernanke's Dark Kingdom."


    Abstract:

    I am going to show here that central banks have excessive powers which are coherent neither with democratic principles nor with morality. Their existence can not be justified from a mathematical point of view.

    Worse, in light of the exercise of their extraordinary power by Bernanke, I argue that they can pose a real threat to democracy, peace, privacy and individual freedom.

    Because of the immediate dangers that are evoked in these lines I strongly suggest that you reproduce my deeds.





    "I will argue here that, to the contrary, there is much that the Bank of Japan, in cooperation with other government agencies, could do to help promote economic recovery in Japan.

    Most of my arguments will not be new to the policy board and staff of the BOJ, which of course has discussed these questions extensively.

    However, their responses, when not confused or inconsistent, have generally relied on various technical or
    legal objections—- objections which, I will argue, could be overcome if the will to do so existed."


    Prof. Ben Shalom Bernanke
    Japanese Monetary Policy: A Case of Self-Induced Paralysis?
    For Presentation at the ASSA Meetings, Boston MA,
    January 9th, 2000.



    The Purpose of My Yield Curve. is to promote a plausible alternative to economic depression, The Adjusted Credit Free, Free Market Economy, our New Economic Order.

    It is a fair, prosperous and stable economy that protects its participants from the consequences of the inevitable crash of proportions never heard of and from the Deep Depression that will ensue and which will follow a gicantic Asset Price Bubble.

    That economy is both liberal and libertarian.

    That New Economic Order does not discriminates and guarantees the individual freedoms of its participants.

    In order to reserve your option to participate you just need to register anonymously, before The Crash, the serial number of a €5 bank note in our Public Cra$h R€gi$t€r It is Free!.

    __________

    ReplyDelete