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Showing posts from May 21, 2011

U.S. government officially borrowed beyond its $14.29 trillion statutory debt limit

Today the U.S. government officially borrowed beyond its $14.29 trillion statutory debt limit. And even though the Obama administration has assured us that accounting gimmickry will allow the government to borrow for another few months, the breach has given seeming urgency to Congressional negotiations to raise the debt ceiling. Republicans are making a great show of acting tough by linking their "yes" votes with promises for future budget cuts (that could even slow the rate of debt increases at some uncertain point in the future). But as we go through the process, many novice observers may wonder why we have a debt ceiling at all when our government has never shown the slightest inclination to respect its prior self-imposed limits.
The ceiling was first imposed in 1917 as part of a deal that passed the Liberty Bond Act that funded America's entry into the First World War. To make it easy for the Treasury to sell those bonds, Congress also amended the Feder…

Private Global Bankers = The Priesthood of Modern Western Civilization

"The issue which has swept down the centuries and which will have to be fought sooner or later is the People vs. the Banks." - Lord Acton

"The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson — and I am not wholly excepting the Administration of W. W. The country is going through a repetition of Jackson's fight with the Bank of the United States — only on a far bigger and broader basis." - President Franklin D. Roosevelt (Letter to Col. Edward Mandell House, November 21, 1933)

"I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the Bank. You tell me that if I t…