There has been a tremendous amount of talk about the spending deal that was just reached in Congress. Most of the focus has been on who “won” and who “lost” politically, and if you have been keeping up with my articles you definitely know my opinion on the matter. But what nobody is really talking about is that this deal actually increases spending at a time when our debt has been absolutely exploding. We added more than a trillion dollars a year to the U.S. national debt during Obama’s eight years in the White House, and our debt binge actually accelerated toward the end of his second term. In fact, the national debt increased by more than 1.4 trillion dollars during fiscal 2016… (Read More...)
Our Debt
Top Adviser To The Chinese Government Calls For A “Global Currency” To Replace The U.S. Dollar
The former chief economist at the World Bank, Justin Yifu Lin, is advising the Chinese government that the time has come for a single global currency. Lin, who is also a professor at Peking University, says that the U.S. dollar “is the root cause of global financial and economic crises” and that moving to a “global super-currency” will bring much needed stability to the global financial system. And considering how recklessly the Federal Reserve has been pumping money into the global financial system and how recklessly the U.S. government has been going into debt, it is hard to argue with his logic. Why would anyone want to trust the United States to continue to run things after how badly we have abused our position? The United States has greatly benefited from having the de facto reserve currency of the planet for the past several decades, but now that era is coming to an end. In fact, the central bank of China has already announced that it will no longer be stockpiling more U.S. dollars. The rest of the world is getting tired of playing our game. Our debt is wildly out of control and we are creating money as if there was no tomorrow. As the rest of the world starts moving away from the U.S. dollar, global power is going to shift even more to the East, and that is going to have very serious consequences for ordinary Americans. (Read More...)
Why John Boehner And Paul Ryan Should Immediately Resign
Thomas Jefferson once said that “the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” In other words, he believed that government debt was the equivalent of stealing money from future generations on a massive scale. Right now, the U.S. government is stealing roughly $100,000,000 from future generations of Americans every single hour of every single day. And it is being projected that the U.S. national debt will more than double during the 8 years of the Obama administration. In other words, the federal government will pile more debt on to the backs of our children and our grandchildren during the Obama years than had been accumulated during all of the rest of U.S. history combined. The federal government is literally destroying the future of America, and what we are doing to our children and our grandchildren is beyond criminal. If there was one thing that the Republicans in Congress were supposed to do, it was to do something about all of this debt. These days Republicans can’t seem to agree on much, but the one issue that virtually all “conservatives” were supposed to agree on was the national debt. The American people gave the Republicans control of the House in 2010 and 2012 for a reason. Unfortunately, nothing has been done. Our debt has continued to spiral out of control and now John Boehner and Paul Ryan are pushing a “budget deal” that will essentially give the free-spending Democrats virtually everything that they want for the next 10 years. That is why John Boehner and Paul Ryan should immediately resign. (Read More...)