Posted on 11/19/2012 8:41:48 AM PST by Nachum
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Home » News Treasury Secretary Geithner: Lift Debt Limit to Infinity By Elizabeth Harrington November 19, 2012 Subscribe to Elizabeth Harrington's posts
(CNSNews.com) - Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.
On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”
“Oh, absolutely,” Geithner said.
“You do? Will you propose that?” Hunt asked.
(Excerpt) Read more at cnsnews.com ...
I thought to myself, that this boy has a future in politics...
The list, Ping
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My mother-in-law asked the same question. Guess which way she votes.
Let's go back to the old way where every bond issue (even to refinance old debt) had to be individually approved by Congress instead of letting the Treasury run a tab.
Suddenly a debt ceiling doesn't seem all that restrictive if they had to go back to the old way.
Obama’s trial balloon? Expect it to happen.
We’re heading toward a fiscal cliff so the Country re elects a man whose slogan is “forward”
`Jay Leno
this is insanity, give the government unlimited debt ceiling and we will die as a nation within 2 years
The ceiling is a joke, like various other government jokes: the social security lock box, freedom of speech, honest elections, fiscal responsibility, balance of power.
Regardless. Eliminating it would just make it easier for the current crop of marxists to do what they really want - spend wildly and raise taxes wildly until they have what they really want: a communist economy.
Tim "Buzz Lightyear" Geitner
It would help if more people understood gross earnings from net earnings. I keep having to explain to people, it doesn’t matter that companies like Kroger make 90 billion in sales, their net profit is 680 million, so they cannot afford to cover 339,000 employees with obamacare and they can’t just raise prices.
LOL, had another relative say he would not go to Denny’s if they were charging 5% extra for obamacare...had to explain they are gonna charge and layoff anyway, at least Denny’s was gonna be honest and tell you how much obamacare was costing.
Our country is toast.
He’s saying cede the economic duties of the Legislative branch, assigned it BY THE CONSTITUTION, to the Executive.
Well Timmy, if you think you can get a Constitutional Amenendment passed, try it. Otherwise STFU.
Sure, why not?
Less time trying to fool the American people with the laughable ‘budget impasse’ dog and pony show. This will leave more time with the chicks and boozing it up.
"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39
"I deem [this one of] the essential principles of our government and consequently [one] which ought to shape its administration:... The honest payment of our debts and sacred preservation of the public faith." --Thomas Jefferson: 1st Inaugural, 1801. ME 3:322
"I sincerely believe... that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." --Thomas Jefferson to John Taylor, 1816. ME 15:23
"[With the decline of society] begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:40
As far as "printing money" is concerned, below are a few quotes on the subject from "Our Ageless Constitution". A search of the prolific writings of Dr. Edwin Vieira will provide a good source for information on the subject of fiat money, its history and its consequences.
Thomas Jefferson: "Paper is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted."
". . . although the other nations of Europe have tried and trodden every path of force or folly in fruitless quest of the same object, yet we still expect to find in juggling tricks and banking dreams, that money can be made out of nothing. . . The misfortune is. . . we shall plunge ourselves in unextinguishable debt, and entail on our posterity an inheritance of external taxes, which will bring our government and people into the condition of those of England, an nation of pikes and gudgeons, the latter bred merely as food for the former."
"Stock dealers and banking companies, by the aid of a paper system [paper money] are enriching themselves to the ruin of our country, and swaying the government by their possession of the printing presses, which their wealth commands, and by other means, not always honorable to the character of our countrymen."
Then there is John Maynard Keynes observation in "The Economic Consequences of the Peace - 1920":
"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. . . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. . . . (It) does it in a manner which not one man in a million is able to diagnose. . . ."
the destruction of money will eventually lead to a remonetization of precious metals
Bernake is already printing money in electronic transfers, and Boehner can’t stop spending as Speaker of the House, he’s had 2 years to do something...
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