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View Diary: John Fugelsang Hammers Politicians And Media For Being Wrong: Again! (25 comments)

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  •  The similarity between Iraq and the (2+ / 0-)
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    pollwatcher, leema

    budget crisis is that both are based on lies. Indeed, it's perhaps because Congress has been lying for so long that it couldn't call Bush on his.
    Fact is the federal government of the U.S. cannot go broke for the simple reason that it issues its own currency. Not only that, but the U.S. dollar is in such high regard that other countries use it to mediate their exchange and trade and when they have excess dollars, they deposit them with our Treasury.
    Now, why the Treasury pays these hoarders to keep their money safe for them is a puzzlement. I can guess that it's how Congress pays back its supporters on Wall Street and in the financial community generally for their support at election time. In other words, we've got public officials bribing the banisters, instead of the other way around. Very clever that. Reverse bribery is obviously not a crime when you've been charged with managing the public purse.

    Where do the lies come in? Oh, those are found in the disclaimer about Congressional obligation and authority.  You know, the claim that they are impotent and without resources and the lack of money flowing into the Treasury necessitates rationing of the currency on their part. Which, btw, they've been doing for decades. What's new now is the term "sequester." They could have called it "hide the salami."

    We organize governments to deliver services and prevent abuse.

    by hannah on Thu Mar 21, 2013 at 09:26:22 AM PDT

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