WASHINGTON -- Federal Reserve Chairman Ben S. Bernanke on Monday warned Congress that it needed to raise the debt limit so the U.S. could pay its bills and not face default, which he said would be “very, very costly to our economy.”
Bernanke Urges Congress To Raise Debt Ceiling
By Bubbabear Follow Mon, 14 Jan 2013, 7:43pm 281 views 6 comments
In Yorba Linda CA 92886
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He wants borrowing to continue but doesn't want entitlements funded like the EU...
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Billybigrig says
'Entitlements"....you mean the stuff you paid into your whole entire life ever since you lined up to be fleeced?
Just another puppet for the oligarchs.
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JodyChunder says
The problem is, it was just a tax, not a trust fund - and the people voted for this scam. So now they are de-facto entitlements because the money has been blown. sure you could argue that the oligarchs cleverly crafted it that way, but you the voter never had to approve these changes. You get the government and the laws that you deserve. Making the kids now pay for it with borrowed money is shameful. See here:
http://market-ticker.org/akcs-www?post=181492
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mell says
Correction: it was a trust that was plundered, (though not to zero...it is still solvent until something like 2030). So replenish the trust. Add a few zeroes and nudged a decimal here or there. No big deal, at least in a sovereign nation like ours.
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JodyChunder says
You're showing strong faith there ;) Man, these modern voodoo economics. A trillion dollar coin here, a couple of zeros there. Hey - I'll take a couple of added zeros over here at my bank account!
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mell says
It's got nothing to do with faith or voodoo. It's just a fact. You don't have to like it. I don't especially. But frankly, yeah, we can print whatever the fuck amount we want to cover whatever debits are due. Why? Because the USD is a sovereign currency. And because we invented Blue Jeans and Elvis Presley and Coca Cola and Jazz. Because we gave the world the electric guitar and Cadillac cars and Hollywood and Grapes of Wrath and Harley Davidson and Ford automobiles and Cecil B. Demille and NASA and polyurethane and transplant surgery and the Internets and...Tex Mex.
The part you should be getting your heart rate up about is that we print money to help out the fucking chrome dome'd nerds on Wall St. who ushered the country into this quagmire.