14
Feb
2011

You Couldn’t Invent This in Fiction

Consider this for a moment.  Treasury Secretary Tim Geithner recently received a letter from Republican Senator Pat Toomey.  In the last week of January, Senator Toomey (a member of the Tea Party caucus) introduced into Congress what he called the Full Faith And Credit Act.  It has since come to be known in US media circles as the Debt Doomsday Act. …

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27
Nov
2010

You Can’t Eat IOUs

When the mainstream media talks about the growing “problem” of government deficit spending, they always focus on nations which are having trouble servicing their debts. The issue of actually “repaying” the debt is seldom mentioned. If it is, it is taken for granted that the debt will be repaid – sometime in the indeterminate and nebulous future [ also see “Debt, It isn’t what it used to be” – Ed.]…

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7
Oct
2010

Debt, it isn’t what it used to be.

Used to be a time when debt was something you actually planned to pay off. People used to have “mortgage burning” parties, after that final payment was cashed by the bank and the homeowner truly became one, it wasn’t uncommon to have all their friends over, serve food and drinks and then ceremoniously burn the mortgage.…

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