Playing chicken with the nation: U.S. debt ceiling fiasco and total abandonment of leadership in Washington

Natural News | July 29, 2011

By Mike Adams

For the last few decades, it all seemed so simple for the USA: We’ll spend other people’s money, and when we run out, we’ll just borrow from yet more people. It worked for a while… until all those “other people” (foreign central banks) got sick of buying U.S. debt. So lately, Ben Bernanke, Tim Geithner and other arsonists at the Federal Reserve have simply been counterfeiting new money instead: A whopping $16 trillion of it in just the last couple of years.

How much money is $16 trillion? Here’s a great visualization of a similar mount ($15 trillion) that really drives the point home:

Now, every time the U.S. government needs more money to prevent itself from going into a total financial collapse, it turns to the Federal Reserve which simply print more money and hands it over to the government in exchange for IOUs (debt), meaning that the Fed creates money for FREE, and then the taxpayers owe it the same amount of money it just created. Huh? Yeah, it’s like that.

But that’s not even the real theft issue here. By printing all this money and injecting it into the circulating money supply, the Fed devalues all the current dollars in circulation while eroding the value of the dollar-denominated paycheck you’re receiving, too. So all the money you worked for and saved is being stolen by the Fed through dollar devaluation coupled with the fact that you the taxpayer now OWE the Fed trillions more! (A double theft scam. They steal your money twice!)