Posted on 11/19/2012 8:41:48 AM PST by Nachum
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Home » News Treasury Secretary Geithner: Lift Debt Limit to Infinity By Elizabeth Harrington November 19, 2012 Subscribe to Elizabeth Harrington's posts
(CNSNews.com) - Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.
On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”
“Oh, absolutely,” Geithner said.
“You do? Will you propose that?” Hunt asked.
(Excerpt) Read more at cnsnews.com ...
I thought to myself, that this boy has a future in politics...
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My mother-in-law asked the same question. Guess which way she votes.
Let's go back to the old way where every bond issue (even to refinance old debt) had to be individually approved by Congress instead of letting the Treasury run a tab.
Suddenly a debt ceiling doesn't seem all that restrictive if they had to go back to the old way.
Obama’s trial balloon? Expect it to happen.
We’re heading toward a fiscal cliff so the Country re elects a man whose slogan is “forward”
`Jay Leno
this is insanity, give the government unlimited debt ceiling and we will die as a nation within 2 years
The ceiling is a joke, like various other government jokes: the social security lock box, freedom of speech, honest elections, fiscal responsibility, balance of power.
Regardless. Eliminating it would just make it easier for the current crop of marxists to do what they really want - spend wildly and raise taxes wildly until they have what they really want: a communist economy.
Tim "Buzz Lightyear" Geitner
This guy is either a complete moron or the most corrupt bastard on the planet.
It would help if more people understood gross earnings from net earnings. I keep having to explain to people, it doesn’t matter that companies like Kroger make 90 billion in sales, their net profit is 680 million, so they cannot afford to cover 339,000 employees with obamacare and they can’t just raise prices.
LOL, had another relative say he would not go to Denny’s if they were charging 5% extra for obamacare...had to explain they are gonna charge and layoff anyway, at least Denny’s was gonna be honest and tell you how much obamacare was costing.
Our country is toast.
He’s saying cede the economic duties of the Legislative branch, assigned it BY THE CONSTITUTION, to the Executive.
Well Timmy, if you think you can get a Constitutional Amenendment passed, try it. Otherwise STFU.
Sure, why not?
Less time trying to fool the American people with the laughable ‘budget impasse’ dog and pony show. This will leave more time with the chicks and boozing it up.
"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39
"I deem [this one of] the essential principles of our government and consequently [one] which ought to shape its administration:... The honest payment of our debts and sacred preservation of the public faith." --Thomas Jefferson: 1st Inaugural, 1801. ME 3:322
"I sincerely believe... that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." --Thomas Jefferson to John Taylor, 1816. ME 15:23
"[With the decline of society] begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:40
As far as "printing money" is concerned, below are a few quotes on the subject from "Our Ageless Constitution". A search of the prolific writings of Dr. Edwin Vieira will provide a good source for information on the subject of fiat money, its history and its consequences.
Thomas Jefferson: "Paper is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted."
". . . although the other nations of Europe have tried and trodden every path of force or folly in fruitless quest of the same object, yet we still expect to find in juggling tricks and banking dreams, that money can be made out of nothing. . . The misfortune is. . . we shall plunge ourselves in unextinguishable debt, and entail on our posterity an inheritance of external taxes, which will bring our government and people into the condition of those of England, an nation of pikes and gudgeons, the latter bred merely as food for the former."
"Stock dealers and banking companies, by the aid of a paper system [paper money] are enriching themselves to the ruin of our country, and swaying the government by their possession of the printing presses, which their wealth commands, and by other means, not always honorable to the character of our countrymen."
Then there is John Maynard Keynes observation in "The Economic Consequences of the Peace - 1920":
"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. . . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. . . . (It) does it in a manner which not one man in a million is able to diagnose. . . ."
the destruction of money will eventually lead to a remonetization of precious metals
Bernake is already printing money in electronic transfers, and Boehner can’t stop spending as Speaker of the House, he’s had 2 years to do something...
Weimar America
I’m sure that this government would press the infinity ceiling if they had the option.
Wow Geither practices Buzz Lightyear economics.
Why does there have to be a choice, he could be both. I say he is.
ummm- you did correct him, yes?!?! God help us all if you didn’t.
I wish I could just tell my credit card company to raise my debt ceiling to infinity.....
picture: obama watching from a tree branch,shouting ‘forward’ to 53 million dumbass obama lemming voters running over the fiscal cliff. can’t get there fast enough.
this must be how the germans felt being slowly but progressively taken over by hitler in the 30s.
Paging Larry Kudlow....
Wiemar Germany, Zimbabwe, Argentina...no, we don't have any examples in the 20th century how that works out...
When the crash comes, 49.8% of the people will scream for a tyrant, dictator to come and save them. Bunch of ignorant lemmings.
Check your stores, logistics and commo, it's going to be a bumpy ride...
5.56mm
You should show him some of the pictures you can find on the web when looking for “Weimar Republic” pictures.
You’ll find one or two where a wheelbarrow full of German Marks are what it takes to buy a loaf of bread.
Back in the 70s, I was stationed in Europe and went TDY to Italy several times. They used to have a 1 Lira coin - aluminum, not worth squat...they got very scarce...it turned out clothing manufacturers found it easier to use them as “button backs” than to go to the trouble of making something else out of some other material...
You, your children, your labor, property, everything ....long ago was posted, secured, claimed. That is what the in one tax/federal reserve act la 1913 was about. Previously fedgov had to have gold to back it up. After that it went to using the people and everything g on it, into the unlimited future. In short, fed gov has long since spent and promised all wealth in the nation. We’re at the point were as are having trouble borrowing to service the interest only. This is why fedgov that Hoovers up massive amours of money, yet we can’t repair what we built.( think of the McMansions decaying for lack of borrowing to finance repairs. )
Anyway, you wont be sold, it happened before you were born, and e everyone is now born sold. You, me, us, we exist as resources. To be exploited.
I did explain it to him. Was actually surprised he said it.
If the Dems take the House it will happen before the end of January, 2015
Hey, Nachum, just wanted to say thanks for maintaining this list. You flag the stories I’m most interested in.
Keep up the good work.
Thanks.
(great minds think alike)
There are quite a few competing in that description...
No budget. No debt limit. What could possibly go wrong?
>>Obama’s trial balloon? Expect it to happen.<<
Well then, so be it!! The faster this thing breaks, the quicker we can begin putting America back on the correct track.
“Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become ‘profiteers,’ who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.”
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
I agree! However having the ceiling keeps it in the news when it is reached.
You're mocking me, aren't you?
good, thanks. you gotta remember to put that in your account next time. kinda important. :-)
hmm..infinity...about matches the world’s “investment banking” derivative exposure at this point...WHY NOT? /s
“...overturning the existing basis of society than to debauch the currency”
Thats what the Federal Reserve is about....
What is the basis for your assumption, "...either...or..."?
Isn't "...and.." most likely?
I’d like to ask him “Is there any level of debt the Federal government should not exceed?”.
Then trying to explain the Weimar Republic in Germany after WWI would be useless.
Treasury Secretary Timothy Geithner, speaking on behalf of the Obama White House, to Rep. Paul Ryan: “You are right to say we’re not coming before you today to say ‘we have a definitive solution to that long term problem.’ What we do know is, we don’t like yours.”
Guy sums this up well:
Those two sentences speak to a mentality so bereft of intellectual vigor, so stunningly and candidly shallow, so thoroughly irresponsible, so politically myopic, selfish, and cowardly, that it should disqualify this crew from a second term in office. What a disgrace. Remember this moment the next time Democrats accuse the GOP of being the “do nothing,” intransigent, “party of no.”
In fact, it’s about as perfect a representation of Obama’s economic policy as we’ll see. The budget is full of short-term gimmicks to make it appear that the White House wants to close deficits, but it relies on tax increases and phony savings from projected war spending that wasn’t going to occur anyway to make the claim. They do nothing at all about the structural problems of America’s long term economic issues (especially debt and unfunded liabilities from entitlement programs), but instead focus narrowly on relatively short-term outcomes to disguise the fact that they cannot and/or will not fix the long-term problems. And as Geithner says in this response, while they won’t or can’t provide leadership, they will be happy to torpedo those who can and will http://hotair.com/archives/2012/02/17/geithner-yeah-we-dont-have-a-solution-to-the-debt-problem/
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