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« Last post by DougMacG on Today at 07:38:44 AM »
Politicians used to talk about balancing the budget by eliminating waste, fraud and abuse. And now we have interest costs over a trillion a year. Wouldn't this count as all three, waste, fraud and abuse?
When Janet Yellen went from Fed chair to treasury secretary the separation of Federal Reserve and political Administration disappeared. Current Fed chair Jerome Powell said on 60 minutes, it is not his job to tell his bosses in the other branches how to do their job, meaning stop all this deficit spending. Fine, but how is he supposed to manage the monetary system when the fiscal budget is so out of whack?
Over a few decades it became clear that our government was intentionally devaluing our currency so that it would devalue our debt. They thought they were getting free money, they thought. They targeted 2% inflation, which to me is criminal, and then they had 3% and 4% and 9 1/2% inflation. There's too many examples to mention of simple things that we cannot comprehend with the cost today compared to such a short time ago.
We warned for years right here that this would all come back to bite us and now look at it!
If they couldn't balance the budget when interest costs were negligible, how are they going to do it when they surpassed a trillion in interest costs a year, soon to surpass 2 trillion in interest cost per year?
What are the campaign slogans this year amidst this crisis? 'Jail your opponent' and 'more of the same'.