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The U.S. government and the never-ending monetary supply

September 29, 2007

I’ve oft times lamented about the fiscal irresponsibility of the U.S. government. It seems at times that not one member of the House of Representatives or the Senate have ever had to work a household budget. And let’s not forget, the President could stop them with a simple stroke of the pen. His lack of will to use the power of the veto makes him every bit as guilty for the impending fiscal calamity that looms on the horizon.

It may not happen in this decade, but rest assured, there will come a time in the not distant future when our creditors call in the $4.5+ trillion in hard debt this country owes. It may happen in the form of a sell-off of U.S. dollars by foreign banks, as detailed last December by AFP or earlier this month by Ambrose Evans-Pritchard in an article in the Telegraph.

Rather than initiating action to combat the potential of a crushing monetary meltdown, Congress is sending the President an emergency measure to increase the debt ceiling to $9.815 trillion dollars.

If you don’t believe what you’re reading, how about taking the word of the comptroller general of the United States, David Walker? Our Chief of the Government Accountability Office has taken to the road to warn the public of the dangers of letting our elected officials continue doing business as usual. Don’t take my word for it, read the story and make your own decision.

We the people, must at some point elect representatives who will take the necessary actions to reverse the effects of a government living in the fantasy world of a never-ending monetary supply. And we must do it soon, before it’s too late.

Until next time…

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