Jan 21

On government debt:

“There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.”
– John Adams

“I wish it were possible to obtain a single amendment to our Constitution — taking from the federal government their power of borrowing.”
– Thomas Jefferson

“‘Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.”
– Barack Obama (Exactly right!)

“When a country embarks on deficit financing and inflationism you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
– Ron Paul

“Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.”
– Ron Paul

“The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury…and has created out of nothing a … debt which the American people are obliged to pay with interest.”
– Wright Patman

“The one aim of these financiers is world control by the creation of inextinguishable debts.”
– Henry Ford

“I place the economy among the first and most important virtues, and public debt as the greatest of dangers.”
– Thomas Jefferson

Those criminals in the US government and the Fed banksters are bankrupting America!

George Carlin: The American Dream

(Much more info at the end of this article.)

U.S. Senate

Jan. 21 (Bloomberg) — The U.S. debt limit would be raised by $1.9 trillion to $14.29 trillion under an amendment proposed in the Senate.

The chamber began debate yesterday on raising the debt ceiling for the fifth time in two years after lower tax revenue from the recession and higher stimulus spending boosted the calendar-year budget deficit to an all-time high last year.

“If Congress does not enact this legislation, and soon, then the Treasury would default on its debt for the first time in history,” said Senate Finance Committee Chairman Max Baucus, a Montana Democrat.

The White House in a statement urged lawmakers to pass the measure. “Such an increase is critically important to make sure that financing of federal government operations can continue without interruption,” it said.

The proposed ceiling would probably allow the Treasury to continue its borrowing until next year, said Michael Feroli, an economist at JPMorgan Chase & Co. in New York.

Congress passed a short-term increase in the debt limit to $12.39 trillion last month after a group of senators, led by Budget Committee Chairman Kent Conrad of North Dakota, refused to vote on a longer-term extension unless Congress created a commission to study deficit reduction. Continue reading »

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