Obama: US has always paid it's bills
- Thread starter Jumpkix
- Start date
Register to hide this ad
I cannot believe that Obama wants to raise the debt limit. What household in this country will ever be recommended by a financial adviser to get into more debt if they cannot pay their bills? WHY THE HECK DOESN'T THE GOVERNMENT STOP SPENDING??? The more and more I hear about this the more I get upset!
Jumpkix
New member
I'm fed up with this attitude in Washington that we can spend our way out of debt. I don't care what your political views are, because it frankly doesn't matter: LIVE ON LESS THAN YOU MAKE. If congress were leaders of a company, they would all be fired by shareholders.
Some congressmen I want to believe have good hearts and want to do the right thing (like not cut social security benefits and supposedly give everyone access to health care) but when you're freaking broke, you don't get to make those kinds of choices. I hope our children forgive us for this.
Some congressmen I want to believe have good hearts and want to do the right thing (like not cut social security benefits and supposedly give everyone access to health care) but when you're freaking broke, you don't get to make those kinds of choices. I hope our children forgive us for this.
bofa
New member
:bravo: That's awesome... got me to lol and now my ribs hurt.
RandyDaytona
New member
I think part of the problem is the fact that we've been at war in two different places for 10+ years and are just climbing out of a recession.
Can someone explain to me why some are focusing on this crap...see link...while the government is in shutdown, vets are not getting benefits, the debt ceiling looming, etc.??!?!?!?!?
Police arrest 8 House members at immigration rally
Police arrest 8 House members at immigration rally
RandyDaytona
New member
Just because the government is shut down, it doesn't mean that an elected official should stop trying to get attention and drum up publicity for him or herself. What kind of self-licking ice cream cone of personal-aggrandizement would they be if they didn't do that stuff?
He's gotta find a way to pay for more vacations. You think queen Obama has a cheap life style?
bofa
New member
Just because the government is shut down, it doesn't mean that an elected official should stop trying to get attention and drum up publicity for him or herself. What kind of self-licking ice cream cone of personal-aggrandizement would they be if they didn't do that stuff?
Maybe if enough are arrested we can get a majority to actually pass something
I hardly think that the costs of the wars were necessary. How much money did the government give civilians to do the same thing that soldiers should have been doing? How much money went into pointless junk during the wars that wasn't needed?
I'm not saying you're wrong, but I don't blame our debt on the war. The responsibility to spend wisely has always been in the hands of our government and they have been failing for years!
WillK
New member
Says the Canadian... j/k
Man, Canadians must think we're all idiots to elect such a group of overgrown babies who can't even decide on the simplest things for our government.
And if you do, you're right!
Thai
Elite Member
Canadians...they are like French, aren't they?
French rifle for sale on eBay:
"Never used, dropped once."
grey_ghost
New member
Indeed this thread was humming along pretty smooth until the Canadian piped up... no disrespect, but the military spending is not the problem. through BRAC and other defense cuts the military's been slashing for years. At least with a defense procurement you actually get a product for your money and you create tens of thousands of private sector jobs.
The bigger problem is the gluttonous and useless fed organizations like the Dept of Education, EPA, Dept of Commerce, etc.
If a debt of nearly $17 trillion and climbing is viewed as "normal" we're in BIG trouble.
And Obamacare will not provide healthcare to the sick; it will further destroy our economy, it is a disaster. I've got large company insurance but my costs already went up 35%, my choices went from 3 to 1, and my doctor dropped out of internal medicine.
i'm glad the GOP so far is not totally caving to BO's arrogance...
BigNuge
New member
"Historically normal level"
Just let that sink in.........the economic intelligence that statement implies is a direct result of drinking the POSPOTUS/Communist Kool-aid.
Goes right along with "Raising the debit ceiling does not create more debt"
Them damn warning labels.....we gotta get rid of them.
1933 - Default by the US Government on the gold standard (which was set up originally by the Currency Act of 1792 defining the dollar in terms of grains of silver and equating coins of multiple dollars in terms of grains of gold) for United States citizens via executive order 6102 issued by FDR.
1971 - Default by the US Government on the remaining gold standard to foreign creditors as most recently defined by the Bretton Woods agreement after the destruction of World War II. Of course, on Aug 15, 1971 Nixon said this was only a temporary suspension, but it has lasted to this day.
Today we have debt based (fiat) money that is backed by nothing but faith in a fractional reserve banking system. Originally, debasing the US currency was punishable by death, now it is overt policy to inflate/devalue the fiat federal reserve note.
In a debt based monetary system, only the principal is created by fiat (decree), so where does the money supply come from to pay the interest? You must create more debt based money and add it to the money supply for there to be enough to pay back the principal and interest. They only thing keeping the entire thing from collapsing is the creation of more debt money and the time delay on the interest payments. That's the secret of why debt must always expand, either in the government or the private sector. It is needed to keep the current system working and the people who benefit from it happy.
A few quotes:
“If all the bank loans were paid up, no one would have a bank deposit, and there would not be a dollar of currency or coin in circulation. This is a staggering thought. We are completely dependent on the commercial banks for our money. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp upon the picture, the tragic absurdity of our hopeless position is almost incredible - but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it is widely understood and the defects remedied very soon.”
- Robert H. Hemphill, Federal Reserve Bank of Atlanta
“In purchasing offerings of Government bonds; the banking system as a whole creates new money, or bank deposits. When the banks buy a billion dollars of Government bonds as they are offered--and you have to consider the banking system as a whole, as a unit-'the banks credit the deposit account of the Treasury with a billion dollars. 'They debit their Government bond account a billion dollars, or they actually create, by a bookkeeping entry, a billion dollars.”
-Marriner S. Eccles, Chairman of the Board of Governors of the Federal Reserve System before the Banking and Currency Committee of the House of Representatives
US Senate Doc. 23, 76th Congress, 1st Session – January 24, 1939
“My agency in promoting the passage of the National Bank Act was the greatest financial mistake of my life. It has built up a monopoly which affects every interest in the country. It should be repealed; but before that can be accomplished, the people will be arrayed on one side and the banks on the other, in a contest such as we have never seen before in this country.”
-Salmon: P. Chase, Secretary of the Treasury for President Lincoln, 1861-64, Chief Justice, United States Supreme Court, 1864-73
“The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced, if the nation doesn't want to go bankrupt. People must again learn to work, instead of living on public assistance.”
- Cicero, 55 BC (Roman Philosopher, Senator, and Constitutionalist)
And for the replies about the war expenditures:
“I wouldn’t go to war again as I have to protect some lousy investment of the bankers. There are only two things we should fight for. One is the defense of our homes and the other is the Bill of Rights. War for any other reason is simply a racket.” – Major General Smedley Darlington Butler, USA – (1881-1940) - He won 2 Congressional Medals of Honor.
1971 - Default by the US Government on the remaining gold standard to foreign creditors as most recently defined by the Bretton Woods agreement after the destruction of World War II. Of course, on Aug 15, 1971 Nixon said this was only a temporary suspension, but it has lasted to this day.
Today we have debt based (fiat) money that is backed by nothing but faith in a fractional reserve banking system. Originally, debasing the US currency was punishable by death, now it is overt policy to inflate/devalue the fiat federal reserve note.
In a debt based monetary system, only the principal is created by fiat (decree), so where does the money supply come from to pay the interest? You must create more debt based money and add it to the money supply for there to be enough to pay back the principal and interest. They only thing keeping the entire thing from collapsing is the creation of more debt money and the time delay on the interest payments. That's the secret of why debt must always expand, either in the government or the private sector. It is needed to keep the current system working and the people who benefit from it happy.
A few quotes:
“If all the bank loans were paid up, no one would have a bank deposit, and there would not be a dollar of currency or coin in circulation. This is a staggering thought. We are completely dependent on the commercial banks for our money. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp upon the picture, the tragic absurdity of our hopeless position is almost incredible - but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it is widely understood and the defects remedied very soon.”
- Robert H. Hemphill, Federal Reserve Bank of Atlanta
“In purchasing offerings of Government bonds; the banking system as a whole creates new money, or bank deposits. When the banks buy a billion dollars of Government bonds as they are offered--and you have to consider the banking system as a whole, as a unit-'the banks credit the deposit account of the Treasury with a billion dollars. 'They debit their Government bond account a billion dollars, or they actually create, by a bookkeeping entry, a billion dollars.”
-Marriner S. Eccles, Chairman of the Board of Governors of the Federal Reserve System before the Banking and Currency Committee of the House of Representatives
US Senate Doc. 23, 76th Congress, 1st Session – January 24, 1939
“My agency in promoting the passage of the National Bank Act was the greatest financial mistake of my life. It has built up a monopoly which affects every interest in the country. It should be repealed; but before that can be accomplished, the people will be arrayed on one side and the banks on the other, in a contest such as we have never seen before in this country.”
-Salmon: P. Chase, Secretary of the Treasury for President Lincoln, 1861-64, Chief Justice, United States Supreme Court, 1864-73
“The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced, if the nation doesn't want to go bankrupt. People must again learn to work, instead of living on public assistance.”
- Cicero, 55 BC (Roman Philosopher, Senator, and Constitutionalist)
And for the replies about the war expenditures:
“I wouldn’t go to war again as I have to protect some lousy investment of the bankers. There are only two things we should fight for. One is the defense of our homes and the other is the Bill of Rights. War for any other reason is simply a racket.” – Major General Smedley Darlington Butler, USA – (1881-1940) - He won 2 Congressional Medals of Honor.
Last edited:
