Consider President Obama's budgets for 2010 and 2011. The combined red ink is $2.9 trillion. No one anywhere in the world has this kind of money to lend to Washington. How will these massive deficits, never before experienced on earth, be financed? They can
only be financed by the Federal Reserve destroying its own balance sheet by its
purchase of toxic financial instruments from the banks, thereby providing the
banks with cash with which to buy the Treasury's bonds, or by the Federal
Reserve itself purchasing the Treasury's bonds by creating new money, or by
another collapse in equity values that sends investors fleeing into "safe"
Treasury bonds.
American power is on the precipice, about to fall. Perhaps it is a good thing. The world will be rid of bullying, of invasions of innocent countries based on blatant lies, of torture and murder of woman and children, of redistribution of income from the poor to the rich.
The criminal record accumulated by the United States makes it the least
indispensable country on earth.
only be financed by the Federal Reserve destroying its own balance sheet by its
purchase of toxic financial instruments from the banks, thereby providing the
banks with cash with which to buy the Treasury's bonds, or by the Federal
Reserve itself purchasing the Treasury's bonds by creating new money, or by
another collapse in equity values that sends investors fleeing into "safe"
Treasury bonds.
American power is on the precipice, about to fall. Perhaps it is a good thing. The world will be rid of bullying, of invasions of innocent countries based on blatant lies, of torture and murder of woman and children, of redistribution of income from the poor to the rich.
The criminal record accumulated by the United States makes it the least
indispensable country on earth.
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