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View Diary: Republican Strategy – A Trojan Horse (14 comments)

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  •  It gives us time to spread the message that (2+ / 0-)
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    JamieG from Md, Jack Ryan

    putting a ceiling on debts is a ridiculous endeavor. We can't limit what people owe each other. Dollars are nothing but certified IOUs. Limiting the number of certificates available is like restricting marital certificates under the mistaken impression that without certificates, people won't obligate themselves to each other.
    After Richard Nixon cut the bands between gold and the dollar, there was great feat that the dollars would multiply exponentially.  So it was decided that using the dollars would bear a huge cost and they increased the interest rates to 21%, almost collapsing the economy entirely. After that, it was decided the Federal Reserve should try to manage the economy by jiggling interest rates to keep them in a moderate range. The so-called "balanced budget" was to be used to tamp down the availability of money to the general public and reduce speculation, but that didn't work, either. As incoming dollars were reduced, people resorted to borrowing, making the banks rich and impoverishing themselves.
    It really doesn't make sense to have people recognize their obligations and then deprive them of the mechanism that makes them credible.
    Why did the financial class to that? They and their cronies on Capitol Hill still haven't accepted that money is worthless, unless it is spent to buy something real. Just passing dollars around does not increase their value.

    Of course, there's another reason why Congress is hung up on debt. A whole bunch of them apparently sought public office to evade all their domestic and social obligations. They thought being a public official would render them immune from having to do anything they don't want, or anything at all. It turns out we've elected a bunch of scofflaws as law-makers. That's a mistake.  But, it's a mistake we can correct by firing the current bunch and electing more capable people who want to work in 2014.

    We organize governments to deliver services and prevent abuse.

    by hannah on Mon Jan 21, 2013 at 11:08:17 AM PST

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