It was President Barack Obama's former Chief of Staff Rahm Emanuel who once said, "never let a crisis go to waste." And whether one is a student of the Hegelian Dialectic which advocates creating two opposing crises so that one can come in an offer a solution beneficial to themselves, or if you are simply a corrupt politician who sees disaster as a prime opportunity to acquire more power, the effects of Hurricane's Harvey and Irma are offering Washington the rare opportunity to get rid of the debt ceiling once and for all, and open the doors for the government to borrow as much money as they could ever desire.
The one-two punch of Harvey and Irma did afford the folks-in-charge of the nation’s affairs a sly opportunity to get rid of that annoying debt ceiling problem. This is the law that established a limit on how much debt the Federal Reserve could “buy” from the national government. Some of you may be thinking: buy debt? Why would anybody want to buy somebody’s debt? Well, you see, this is securitized debt, i.e. bonds issued by the US Treasury, which pay interest, and so there is the incentive to buy it. Anyway, there used to — back in the days when the real interest rate stayed positive after deducting the percent of running inflation. This is where the situation gets interesting.
The debt ceiling law supposedly set limits on how much bonded debt the government could issue (how much it could borrow) so it wouldn’t go hog wild spending money it didn’t have. Which is exactly what happened despite the debt limit because the “ceiling” got raised about a hundred times though the 20th century into the 21st so that the accumulated debt stands around $20 trillion.
Rational people recognize this $20 trillion for the supernatural scale of obligation it represents, and understand that it will never be paid back, so, what the hell? Why not just drop the pretense, but keep on working this racket of the government borrowing as much money as it wants, and the Federal Reserve creating that money (or “money”) on its computers to infinity. – Kunstler
<iframe width="560" height="315" src=" frameborder="0" allowfullscreen></iframe>
Not indicating that the content you copy/paste is not your original work could be seen as plagiarism.
Some tips to share content and add value:
Repeated plagiarized posts are considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.
Creative Commons: If you are posting content under a Creative Commons license, please attribute and link according to the specific license. If you are posting content under CC0 or Public Domain please consider noting that at the end of your post.
If you are actually the original author, please do reply to let us know!
Thank You!
I am the original author, and own the website The Daily Economist for which this and many of my articles are submitted.
Also, I cite sources of additional information in my articles, as denoted by the Quoted portion and linked at the end citation.
However if my works do not fully comply with Steemit's policies, I will be happy to modify them in the future.
Ken Schortgen Jr, Argonath
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.wallstreetkarma.com/2017/09/11/flirting-seriously-with-anarchy/
I thought that steemit was supposed to be censorship free... Apparently, that's a line of bullshit!
Why did this post get downvoted to the point of being hidden? Too much truth for someone, eh?
I upvoted & resteemed this article because it is filled with truth.
To the censors at steemit, I say, "stop this bullshit! and allow freedom of speech to live here, unfettered!"...
"Images hidden due to low ratings"? However this action is described, it is obviously intended to take viewing, and therefore votes and recognition, away from this material. I, we, are here in large part precisely because Steemit is supposed to be immune from censorship and control, like the lamestream and other government propaganda machinery deploys. This needs to be addressed. Your material is not only sound and corroborated by many other knowledgeable sources, but obviously struck a nerve with someone(s) and their own agenda. I have upvoted and resteemed.
crazy! That's the first time I experience something like that on steemit. I can't resteem. I am sorry. :(