Skip to comments.Fed chief Bernanke issues debt warning (the rookie Hussein piles on another TRILLION dollar$)
Posted on 02/02/2012 5:13:46 PM PST by Libloather
Fed chief Bernanke issues debt warning
By North America correspondent Jill Colgan, ABC
February 3, 2012, 11:08 am
United States Federal Reserve Chairman Ben Bernanke has warned that the US economy could face the same fate as troubled European countries if it fails to curb its growing debt.
Mr Bernanke delivered a sobering assessment of the economy that defies recent attempts by the Obama administration to talk up the economic turnaround.
Testifying before a House Budget Committee, he said the pace of recovery had been "frustratingly slow".
He urged lawmakers to be more aggressive in reducing the nation's $15 trillion debt or risk facing the same fate as troubled European countries such as Greece and Italy.
"The bad case scenario, which ultimately will happen if we don't change this trajectory, is that analogous to what we've seen in some countries in Europe, that investors will begin to lose confidence that we can manage our long-term fiscal situation and we'll see sharp movements in interest rates or loss of confidence in US debt," Mr Bernanke said.
(Excerpt) Read more at au.news.yahoo.com ...
Oh, NOW he’s worried about the debt!
Our debt is going asypmtotic due to its expansion as a geometric progression. We are already past the point of no return on getting our debt under control and paid off. No matter how much the monster is fed its appetite is unstoppable and will end up destroying pretty much everyone.
I suggest everyone get out of personal debt before they’re thrown into a debtors’ prison. So help me, if anyone thinks it can’t/won’t happen, they have not been awake for the last 23 years. It’s about to get VERY ugly, when swat teams storn your house over student loans, don’t think for a second you’ll be safe. Pay it off now, if you can, go bankrupt, if you must, and get your houses in order, asap.
The grub-ment could seize every dollar of US wealth and STILL NOT PAY OFF what THEY OWE. Invest in guillotines. The SPENDING is out of control. Socialism ALWAYS FAILS, always. A few STATESMEN/STATESWOMEN are desperately needed.
Not only that, but this isn’t really money that we owe. It’s a con game of money on money on money. That’s the gotcha in Fiat money. Wipe the books clean. Because self sustaining, and prosper again. The rest of the world is useful/helpful/nice, but if push comes to shove, we certainly don’t need them.
Did someone say debtor’s prison?
In a sense we already have it with deadbeat parents who don’t pay child support and go to jail as a result. But I did a search and found this article about debtor’s prison making a comeback. Don’t know how much merit this story has or if the trend will grow if the story is true since this is from a Leftist website.
The Return Of Debtors Prisons: Thousands Of Americans Jailed For Not Paying Their Bills