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.
Saturday, August 8, 2009
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ReplyDeleteRead "Bernanke's Dark Kingdom."
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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.
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Prof. Ben Shalom Bernanke
Japanese Monetary Policy: A Case of Self-Induced Paralysis?
For Presentation at the ASSA Meetings, Boston MA,
January 9th, 2000.
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