Skip to comments.Lew’s Testimony on Debt Mirrors SEC’s Definition of Ponzi Scheme
Posted on 10/13/2013 11:23:21 PM PDT by Olog-hai
When Treasury Secretary Jacob Lew testified in the Senate Finance Committee on Thursday, urging Congress to enact a new law allowing the administration to increase the federal debt, his description of how the Treasury handles that debt mirrored the Securities and Exchange Commissions definition of a Ponzi Scheme.
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors, says the Securities and Exchange Commission.
On Thursday, Lew candidly told the Finance Committee that the U.S. Treasury will not be able to pay off current government debt-holders when their debt is due if the Treasury is not able to turn around and issue an even greater amount in new debt to get the cash it needs to do so.
(Excerpt) Read more at cnsnews.com ...
And you were expecting an honest, knowledgeable marxist schmuck to tell you the truth?
He’s more like the British “lue” than an American Lew because he is full of crap.
“On Thursday, Lew candidly told the Finance Committee that the U.S. Treasury will not be able to pay off current government debt-holders...if the Treasury is not able to turn around and issue an even greater amount in new debt to get the cash it needs to do so...”
Jack Lew is a horse’s patoot! This is why the U.S. is in financial trouble. Even the Democrats at HuffPo are beginning to notice!
But what he is saying appears to be correct.
People on the inside of the Treasury are beginning to panic enough to tell the truth.