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| I figure the US has two choices - keep right on going just the way we have: lie, ignore, and print the money, or actually and really come clean with how much hock we are actually in - at last count about 265 trillion. This includes all pension liabilities that have been unfunded, or have had their funds confiscated so congress can pretend the budget got balanced at any point in time. We have reached a point where we either hit the "reset" button and void all indebtedness, or we just keep on going the way we have. I really believe they will simply spit and sputter, argue and point fingers, all the while issuing the debt. It is clear to me that our leader has no intention of reducing any spending since he wants to do away with the debt ceiling. Add to that the capital strike that our banks are on, along with the Fed literally suffocating us financially with suppressed interest rates, and I think we basically best look to our own households, build up our stores, and brace ourselves. | |
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How the Fed works
