When an economy is based on debt like every central banking based financial system on the planet, it has been shown to eventually fail. This is a historical precedent, not a prediction.
It is not a statement of prejudice towards central banking and fiat currencies, it is a historical reality that has happened to every irredeemable currency that has come into existence until now. We are talking thousands of years of history btw not just modern times.
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So can we expect the same to happen to the Federal Reserve note? I predict that it is as inevitable as a sun rise or set. According to an article in the New York Times on Saturday 10/26/13:
“Some economists say more inflation is just what the American economy needs to escape from a half-decade of sluggish growth and high unemployment.
The Fed has worked for decades to suppress inflation, but economists, including Janet Yellen, President Obama’s nominee to lead the Fed starting next year, have long argued that a little inflation is particularly valuable when the economy is weak. Rising prices help companies increase profits; rising wages help borrowers repay debts. Inflation also encourages people and businesses to borrow money and spend it more quickly.”
The federal government expects inflation to ease the burden of its debts. Yet by one measure, inflation rose at an annual pace of 1.2 percent in August, just above the lowest pace on record.
“Weighed against the political, social and economic risks of continued slow growth after a once-in-a-century financial crisis, a sustained burst of moderate inflation is not something to worry about,” Kenneth S. Rogoff, a Harvard economist, wrote recently. “It should be embraced.”
Here are some of the fallacies in the statements above.
Larry Summers, former Treasury Secretary and long term member of the CFR, stated on NPR recently that the national debt “is an asset we owe ourselves.” Uh, Larry excuse me but when did debt become an asset? Isn’t it a basic rule of accounting that debts are liabilities? Whew, talk about voodoo economics!
Additionally, over $5 Trillion of the $17 Trillion of this debt is owed to foreign nations with the 2 largest being China ($1.3 Trillion) and Japan ($1.1 Trillion). Does that count as being owed to ourselves?
And these are our experts? Is it any wonder that we are Trillions of $ in debt with cartel cheerleaders like Summers posed as experts? Not!
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