New Federal Reserve Chairman Janet Yellen climbed into her predecessor’s helicopter and announced Tuesday she would continue Ben Bernanke’s money drop.
The House of Representatives passed a “clean” debt ceiling bill. If passed by the Democrat-controlled Senate (as expected), it gives the regime unlimited borrowing power until March 2015.
Stocks soared on the news.
Rank-and-file Republicans — that is, those living in the hinterlands still trapped in the conventional wisdom that being Republican means reducing government — were dismayed at the “betrayal” by House Republicans.
The truth is there is no stomach for reducing government in Washington, D.C. There is not even much lip service paid to the idea of slowing the growth of government. With the vote to give President Barack Obama an open credit card, they have dropped all pretenses.
Conventional wisdom says the United States is $17.2 trillion in debt. The reality is there is no U.S. government “debt.” Since U.S. “money” (and the whole world’s money) is bank credit and since bank credit is created by government and commercial banks, then the “national debt” represents bank credit passed or “lent” upon an unsuspecting public for their real assets and labor. Translated, modern money (bank credit) expropriates wealth. In truth, then, the huge reported “national debt” is how much wealth the government has stolen from the American people — not how much the government owes.
The U.S. government is a fascist con game run by marauding thieves. Every action it takes is to prop up more government theft and the crony corporations and banksters running the show from behind the scenes.
The stock market is not based on reality. It is a massive bubble of hot air and fake money.
Yellen says she sees no bubble. She didn’t see the housing bubble in 2008 either. Nor did Bernanke.
Marc Faber sees a “gigantic” asset bubble. He saw the one coming in 2008.
Peter Schiff sees a crash coming. He saw the 2008 crash long before it hit.
The time is now to buy gold and silver with both hands. Gold stocks have been dogs for years, but they are set to break out. Keep your gold and silver in your possession. Get your stock certificates from your broker.