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The Edge of the Abyss

 
davvi

User ID: 3677166
United States
11/10/2012 01:48 PM

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The Edge of the Abyss
"....In the course of his first term, Obama increased the federal debt by just shy of $6 trillion and in return grew the economy by $905 billion. So, as Lance Roberts at Street Talk Live pointed out, in order to generate every dollar of economic growth the United States had to borrow about five dollars and 60 cents. There’s no one out there on the planet — whether it’s “the rich” or the Chinese — who can afford to carry on bankrolling that rate of return.

According to one CBO analysis, U.S.-government spending is sustainable as long as the rest of the world is prepared to sink 19 percent of its GDP into U.S. Treasury debt. We already know the answer to that: In order to avoid the public humiliation of a failed bond auction, the U.S. Treasury sells 70 percent of the debt it issues to the Federal Reserve — which is to say the left hand of the U.S. government is borrowing money from the right hand of the U.S. government. It’s government as a Nigerian e-mail scam, with Ben Bernanke playing the role of the dictator’s widow with $4 trillion under her bed that she’s willing to wire to Timmy Geithner as soon as he sends her his bank-account details.

If that’s all a bit too technical, here’s the gist: There’s nothing holding the joint up."


[link to www.nationalreview.com]

so much has been written about the US economy and debt, but this is soooo simple even libtard obama voter/son can understand it. THERE'S NOTHING HOLDING THE JOINT UP"!!!
but as long as the freebies keep rolling in who cares?
"What is your 'fair share' of what someone else has worked for?" -- Thomas Sowell

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N3m3s1s

User ID: 4637200
United States
11/10/2012 01:56 PM

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Re: The Edge of the Abyss
Well written article.


Thanks OP
davvi (OP)

User ID: 3677166
United States
11/10/2012 02:07 PM

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Re: The Edge of the Abyss
Well written article.


Thanks OP
 Quoting: N3m3s1s


thanks, mark steyn is a treasure and i am glad he is on our side. cheers
"What is your 'fair share' of what someone else has worked for?" -- Thomas Sowell

I never give RED karma, only GREEN for great posters. If you give me red or green please leave your name, I like to say thank you...

Leftist Jews create anti-Semitism.