This article is a guest contribution that illustrates how the language of personal debts is camouflaged when talking about national debts:
- the repayment by personal debts is legally enforcible
- the repayment of national debts doesn’t matter as long as interest payments reach the bank accounts of those with ‘vested interests’…
Now, however, as people are beginning to wake up to the impossibility of ‘growing debt’ forever, ‘debt ceilings’ are used
- either to bankrupt governments or
- at least to reduce public spending.
Hopefully more and more people see how money has become a tool to control and has ceased to be a medium of exchange, let alone a store of value…
Maybe the ease with which ‘money’ is created as debt should be kept separate from controlling a nation’s money supply? Continue reading
Posted in Banks, Central Banks, Credit creation, Currencies, Dollar, Federal Reserve, Government debt, Monetary inflation, National debt, Public debt, Sovereign debt
Tagged Barack Obama, Bipartisan Policy Center, Congress, Jay Carney, Treasury, United States, United States public debt, White House
This excellent article gives a good overview of what’s happening in American power games between Wall Street and Washington, just as between the City of London and Westminster.
Written for MarketWatch, the author Paul B. Farrell is the author of nine books on personal finance, economics and psychology. He was an investment banker with Morgan Stanley, executive vice president of the Financial News Network; executive vice president of the Los Angeles Herald Examiner. He has a Juris Doctor and a Doctorate in Psychology.
This full article is only accessible to subscribers. But the beginning gives enough away to understand how the Federal Reserve and other Western central banks create smoke and mirrors with their reporting than any truth.
Anybody still believing in the ‘goodness’ of any central bank for its country or currencyzone will hopefully begin to question and find our for themselves.
The author is one of the regular contributors to GATA – The Gold Anti-Trust Action Committee – consisting of professional investors in gold.