Alan Grayson: Is Anyone Minding..
Many Americans mistakenly believe the trillions of dollars to pay for the Obama administration's unprecedented and historic government intervention, entitlements and social welfare is securely stashed away in a big safe somewhere in Washington. There is no vault and there is no cash; there is only "vapor paper" being created out of thin air.
The Obama deficits are already projected to be more than $11 trillion or roughly equal to our entire national debt over our 233 year history; and he has barely gotten started. Since the sheer amount of this debt is so monumental, there will not be enough buyers at the Treasury auctions to absorb it. The Fed will be forced to buy its own paper.
The U.S. Government seems to think they can solve our debt problem by creating more debt. Monetizing government debt is what third world countries do. Today in Zimbabwe, for example, the government has printed so much money that the smallest denomination bill you can own is $1 billion - enough to buy a single loaf of bread!
The Obama deficits are already projected to be more than $11 trillion or roughly equal to our entire national debt over our 233 year history; and he has barely gotten started. Since the sheer amount of this debt is so monumental, there will not be enough buyers at the Treasury auctions to absorb it. The Fed will be forced to buy its own paper.
The U.S. Government seems to think they can solve our debt problem by creating more debt. Monetizing government debt is what third world countries do. Today in Zimbabwe, for example, the government has printed so much money that the smallest denomination bill you can own is $1 billion - enough to buy a single loaf of bread!
We need to ask ourselves: What are we doing to our economic well being? I caution you, the enclosed video is very disturbing.
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