Ellen Brown gives a cogent expose on the fallacies inherent in the deficit hawk arguments, thoughts on inflation, taxes, servicing debt, as well as some proposed solutions to being held captive by the bond market. I'm not able to cut and paste excerpts for some reason, so read the article here:
http://truthout.org/inviting-chaos-perils-toying-debt-ceiling/1306515903
We have been frightened into believing that government debt is a bad thing, but nearly all money today originates as debt. As Eccles observed in the 1930's, "That is what our money system is. If there were no debts in our money system, there wouldn't be any money."
The public debt is the people's money, and today, the people are coming up short. Shrinking the public debt means shrinking more than just the services the government is expected to provide. It means shrinking the money supply itself, along with the ability to provide the jobs, wages and purchasing power necessary for a thriving economy.
A game of Russian roulette is being played with the national debt ceiling. Fire the wrong chamber of the gun, and the result could be the second Great Depression.
A game of Russian roulette is being played with the national debt ceiling. Fire the wrong chamber of the gun, and the result could be the second Great Depression.
A game of Russian roulette is being played with the national debt ceiling. Fire the wrong chamber of the gun, and the result could be the second Great Depression.