David Malpass: The Bigger Battle Behind the Shutdown
A staggering $250 billion per month, 80% of spending, runs
on autopilot without congressional control.
Excerpt: By David Malpass
Oct. 9, 2013 7:58 p.m. ET
At its core, the shutdown is part of a much bigger battle to restrain the federal government. It is spending $3.6 trillion per year without a budget, and its expenditures are expected to increase rapidly in the years ahead.
Meanwhile, the government has piled up $17 trillion in debt
and $60 trillion more in unfunded spending promises. The Federal Reserve will
borrow $1.1 trillion in 2013 alone to buy bonds—and it reserves the right to
borrow unlimited amounts for future bond purchases without congressional or
presidential permission…
Rather than discuss restraint, the administration has
increasingly turned to the Federal Reserve as a crutch. The Fed is borrowing
and spending $85 billion per month on bonds, and it claims the legal authority
to increase its debt at will. Wall Street is intensely focused on supporting
this profligacy and profiting from it. The Fed's debt will reach $4 trillion at
year-end, with at least $200 billion of it not counted properly in the national
debt.
The Fed is choosing to buy long-term bonds with short-term
debt. The result is a rapid shortening in the effective maturity of the
national debt that benefits current politicians but puts taxpayers at risk.
Like an adjustable-rate mortgage, the borrower, in this case the government,
gets a lower interest rate now but will have to refinance at higher rates later…
One TRILLION+ dollars (bogus currency[bogus=not backed by
gold]) added to our economy each year.
Hidden Secrets of Money ep3 Mike Maloney YouTube has visuals with greater impact than words have. All four episodes are worth watching.
Our economy is joining the other nations for a global crash. Fortunately, Most of the populated U.S. can support gardens, farms, dairies, and vineyards. BUT, the cities can't and those that do not know how to farm may get antsy.
I often hear ministers declare a Great Revival for our Country and I suspect they do not know the costs of this pending spiritual awakening. The beautiful buildings and proper services are not going to slap this country awake like a catastrophic DEPRESSION will.
I KNOW what it is like to go bankrupt and how long I delayed it by manipulating credit, money, accounts, checks. Finally, finally, finally, because I WOULD NOT STOP MYSELF, I could not pay the interest any more, my income stopped and DEFAULT!
Our government is spending money they are making and it is not backed by any standard. I realize AND understand why my grocery basket is not as full but costs as much. The currency I have is not worth what it was 6 months ago.
Well, Jesus, here we are in a place not of our making and we ask for direction and instructions how to live.
Hidden Secrets of Money ep3 Mike Maloney YouTube has visuals with greater impact than words have. All four episodes are worth watching.
Our economy is joining the other nations for a global crash. Fortunately, Most of the populated U.S. can support gardens, farms, dairies, and vineyards. BUT, the cities can't and those that do not know how to farm may get antsy.
I often hear ministers declare a Great Revival for our Country and I suspect they do not know the costs of this pending spiritual awakening. The beautiful buildings and proper services are not going to slap this country awake like a catastrophic DEPRESSION will.
I KNOW what it is like to go bankrupt and how long I delayed it by manipulating credit, money, accounts, checks. Finally, finally, finally, because I WOULD NOT STOP MYSELF, I could not pay the interest any more, my income stopped and DEFAULT!
Our government is spending money they are making and it is not backed by any standard. I realize AND understand why my grocery basket is not as full but costs as much. The currency I have is not worth what it was 6 months ago.
Well, Jesus, here we are in a place not of our making and we ask for direction and instructions how to live.
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