Don't Print More Money
September 30, 2011 by Chip Wood
Leave the printing presses alone! Former Federal Reserve Chairman Alan Greenspan has come out in favor of what no rational person would ever endorse: printing valueless money to cover indebtedness. Here are his exact words: “The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” Gee, I can remember when the money maestro said the best way to protect our currency was to back it with gold. I still like that solution.
Another really bad idea. The New York Times, which loves to be described as “the most influential newspaper in the world” (I prefer “all the news that’s fit to tint”) has a terrible solution for our debt crisis: Do away with any limits. Yep, an editorial in the grey eminence actually read, “Instead of raising the debt ceiling every few years, it’s time to eliminate this dangerous game once and for all. … The debt limit should ideally be dispensed with, but, at a minimum, it can no longer be held for ransom.”
Governor Christie rejects subsidies for this unreality show. I’ve liked New Jersey Governor Chris Christie ever since he stood up to the teachers unions there. But earlier this week, my esteem climbed even higher, when I heard he had blocked a $420,000 tax credit for the so-called reality show “Jersey Shore.” The New York Times reported: “Christie said he was ‘duty-bound’ to see that taxpayers were ‘not footing a $420,000 bill for a project which does nothing more than perpetuate misconceptions about the state and its citizens.’” Good for him.
Let’s give them our seat. Thanks to the alert reader who sent me the best solution I’ve seen about giving the Palestinian Authority a seat in the United Nations. He didn’t bother pointing out that the U.N. has no authority to create nations. He merely suggested that we give them a seat: our seat. I like it. Get the U.S. out of the U.N. — and the U.N. out of the U.S.