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Ron Paul, Is America Really Going Bankrupt?
by slenderdog | January 31, 2008 at 10:32 am | 370 views | 1 comment
Individuals in our country can't print their own money, but there is a private bank that can. It's called the Federal Reserve. And they do. And then they lend it to our government with interest. There are nearly 26 dollars in circulation now for every 1 dollar in circulation in 1959. And the rate of printing this money is increasing. In 2007 alone we printed more dollars than the total amount that existed in 1963. While the number of dollars has increased 26 fold, the population hasn't even doubled over that same period.
A simple explanation of the consequences of excessive deficit spending. It is somewhat misleading to put the blame on the Federal Reserve, since they only facilitate the dysfunctional federal spending process. Even the Comptroller General has given up on talking to Congress about the problem. It is unfortunate that only one nationally known presidential candidate has raised this issue. And it is telling that he is dismissed by "serious" commentators as unrealistic. What is unrealistic is the notion that the American economy is somehow immune to the consequences of reckless fiscal policy. Why worry? After all, they said the Titanic was unsinkable.
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January 31, 2008 at 10:32 am by slenderdog, 370 views, 1 comment
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Comments (1)
at 11:26 on January 31st, 2008
yeah, the same constitutional 'protection' from the government printing worthless money, enables them to just order the Fed Reserve to print some more up to cover their budget. Guess who?
Gone bankrupt? You mean gone south! Haven't you heard? all those illegals send billions south every year. Too bad it doesn't seem to have much effect. just drops into the bottomless hole.