U.S. politicians, as well as European, still refuse to admit to themselves that their insanely high borrowing against future taxes will not end in the ugliest of calamities.
They keep telling themselves that this is a "short-term" problem, that tax revenues will pick up.
The Fed "twists" to allow Treasury to issue more long-term debt; Treasury hopes things will get better before the long-terms come due. Twist was nothing more than that.
Where are the conservatives ?
But seriously folks. This administration has back-doored every market there is. It has demonstrated as little regard for market economics as it has for the US Constitution.
The US government is a whore, a high priced $1.17 Trillion whore, but a whore all the same. The only problem is, it’s us that’s getting screwed.
....ssssssiiiiggggghhhhh........
“Where are the Conservatives?”
I think they are slowly becoming a dying breed. Even guys that claim to be conservatives i.e. Romney do some of the most progressive things such as Romneycare and set up abortion clinics everywhere and allow gays marriage rights.
But he is against all that now so its all good I guess.
Where are the conservatives ?
They got suckered in by GATT, NAFTA, and the joys of the WTO global free trade where American goes into debt to buy everyone’s stuff as long as we can borrow the debt in dollars. Along the way, after strip mining our country and selling it to others to make more profit more quickly, we now reach the next phase where the producers and net savers start picking over our bones to see if there is anything remaining that they want before they cut off the money spigot.
For some reason, many conservatives and global free trade types thought this was the best idea in the world until just recently as the inevitable detrimental outcome to America by maintaining this system can no longer be debated. At least the Wall St. financial types cleaned house before they crashed our economy. Maybe at some point we can reverse this mess, but probably only after we have hit rock bottom and the true believers in this system have nothing left to defend.
This is not DEBT. Since the US govt has no way to fund itself with the exception of taxes, that's exactly what this funding is: PROMISED TAXES, NOT DEBT!
Eventually, this tax bill is going to come due and we're suddenly going to find ourselves taxed up to our collective hairline as far as the eye can see.
And in President Reagan's own words, (Paraphrased :) ) A tax is the nearest thing to immortality that any of us is ever likely to see.
The butchers bill is coming, but please, let's stop playing the lib/govt euphemism game and call a spade a spade: Debt = Tax
Godspeed
Where are the conservatives ?
Still looking for Constitutional Government.......