Who Bought Our Debt?
Besides the Chinese, who bought the bulk of America's debt in the past 2 1/2 years? WE DID! The Federal Reserve Bank (Ben Bernanke) printed the money out of thin air and then sold it to the US Treasury (Tim Geithner) putting us into deeper debt because we borrowed to buy our own debt. This is "monitizing" at it's best.
Net Effect
It wasn't apparent at first, but over time we (Americans and the global economy) began to feel the result of these monetizing practices. America first saw it in rising gasoline prices. Next to follow were food and clothing prices. They were the result of the so-called "hidden tax" of inflation. The global economy saw it as rising food prices.
Deflection
After the S&P downgrade on Friday, the Progressives needed a scapegoat. They don't want to be responsible for the first downgrade in American history. So where is Obama? Obama is hiding and remains silent. He's hoping the Left-Wing media will help SPIN the situation and make things better for him. So the latest strategy of Progressives it to blame the Tea Party for the downgrade. Why not? We have been called racists, homophobes, teabaggers, terrorists, and on and on...
But wait! Think about that! We didn't hold ANY offices until last November. We haven't been the ones borrowing and spending the USA into the poor house for the past 20 years. No, just look to Washington. That's where the blame goes. We haven't been in charge of causing massive inflation over that past 30 months by buying (monetizing ) our own debt. That's where tax cheat Treasury Secretary Tim Geithner comes in!
He Won't Quit
Geithner informed Obama Friday that he will remain on the job as "head honcho" of destroying our currency! The guy who helped orchestrate the downgrade of America's credit rating says he won't quit. Doesn't he have things a bit mixed-up? Shouldn't Obama be the one making that decision? Who's in charge here? Isn't it ironic that Obama's entire original economic team has resigned (before this disaster) - all except Timmy boy! They all could see what was happening and didn't want their names associated with POOR judgement and mismanagement!
Now that the financial markets are collapsing, is there any good reason for NOT firing Geithner? Under Obama's tutelage, he helped put America in the sewer! Geithner HAS TO GO! We can take care of FIRING Obama in November 2012!
Monday, August 8, 2011
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment