Thursday, October 17, 2013

Understanding the nature of the public debt.

I sincerely doubt that 1 in 1000 Americans understand the nature of the public debt.

Remember, dollar bills are not dollars.

The law says that "dollar bills" are IOUs, denominated in dollars. They are debt. They are part of the national debt. And to increase the volume of dollar bills requires an increase in - - wait for it - - the PUBLIC DEBT.

Restating, Congress is kiting bad checks with you as the co-signer, if you've enrolled into FICA.

Every increase in the debt ceiling is digging a deeper hole for the 312 million "human resources" pledged as collateral on those worthless notes.
" Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy."

[The site coyly avoids mentioning that FICA is the means by which all YOUR goods and YOUR labor back their worthless IOUs.]

In short, beware default for you are the collateral, if you're enrolled in FICA.

No comments:

Post a Comment