What's this I hear? The GOP is going back to being fiscally conservative after years of spending like drunken sailors when they had power. LOL
They didn't even cut the rates of growth of government spending programs when they had the chance, more less any programs.
Face it, it is never going to happen, they can't stop big spending. Government, and the private sector for that matter, must maintain a high level of debt or the whole house of cards collapses.
The economy is short of cash and credit, the only way to increase the money supply is to borrow more imaginary money.
" This is a staggering thought. We are completely dependent on the Commercial Banks. 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 of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is." - Robert H. Hemphill, Credit Manager Federal Reserve Bank Atlanta, Georgia
Thats a good quote, but I would say that it is not almost incredible, it is incredible that the government continues to pay interest on money it could create and issue its self.
" I have never yet had anyone who could, thorough the use of logic and reason, justify the Federal Government borrowing the use of its own money... I believe that the time will come when people demand that this be changed.
I believe the time will come in this country when they will actually blame you and me and everyone else connected with Congress for sitting idly by and permitting such an idiotic system to continue." - Wright Patman Democratic Congressman 1928-1976 Chairman, Committee on Banking & Currency 1963-1975
Sadly that time has never come and more than likely never will. Oh, people blame Congress, but not for the primary thing they should be blaming them for.
