Barack Obama And The Debt Crisis
A Successful Con Game Explained
"The phony debt ceiling crisis was, from beginning to end, a con. It was an elaborate and successful hoax in which the nation's first black president, the Democratic and Republican parties, Wall Street and corporate media all played indispensable parts. The object of the supposed “crisis” was to short circuit public opinion, existing law, democratic process and traditions of public oversight, in order to deal fatal blows to Medicaid, Medicare, social security, job growth and public expenditures for the common good. It worked. We've been conned.
The key actor in the con was and is Barack Obama, leader of the Democratic party and president of the United States. When the Bush and Obama administrations bailed out the banksters in 2008, 2009 and 2010 they didn't print new warehouses of greenbacks and send them over in a fleet of trucks. The Federal Reserve simply opened its spreadsheets, and wrote numbers with lots of zeroes crediting the banksters' accounts. It literally created the new money by giving it away, and next proceeded to borrow those funds back from the banksters at interest. The debt ceiling crisis was nothing but those same banksters twirling their mustaches and oinking “Well, we don't think you (the government that created the money by giving it to them) can really afford to repay all these loans you've been taking out... We might have to downgrade your credit rating...”
The whole notion of excessive government indebtedness, or that government might not be able, as the president threatened, to issue or cash social security checks was always a crock, a sham. There was never, ever a moment when Barack Obama didn't know that his homey analogies about government having to live within its means just like a family were just cynical fairy tales.
The president could have prevented this “crisis” by passing a debt ceiling when he had a 50 vote majority in Congress for all of 2009 and 2010. He could have avoided it again by allowing the Bush tax cuts to expire. Instead the president renewed the Bush tax cuts when he had a 50 vote majority in Congress. The president could have defused it in the last month by any of a number of means, including simply calling it fake. But giving away the game is not what actors in a con do."
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"The phony debt ceiling crisis was, from beginning to end, a con. It was an elaborate and successful hoax in which the nation's first black president, the Democratic and Republican parties, Wall Street and corporate media all played indispensable parts. The object of the supposed “crisis” was to short circuit public opinion, existing law, democratic process and traditions of public oversight, in order to deal fatal blows to Medicaid, Medicare, social security, job growth and public expenditures for the common good. It worked. We've been conned.
The key actor in the con was and is Barack Obama, leader of the Democratic party and president of the United States. When the Bush and Obama administrations bailed out the banksters in 2008, 2009 and 2010 they didn't print new warehouses of greenbacks and send them over in a fleet of trucks. The Federal Reserve simply opened its spreadsheets, and wrote numbers with lots of zeroes crediting the banksters' accounts. It literally created the new money by giving it away, and next proceeded to borrow those funds back from the banksters at interest. The debt ceiling crisis was nothing but those same banksters twirling their mustaches and oinking “Well, we don't think you (the government that created the money by giving it to them) can really afford to repay all these loans you've been taking out... We might have to downgrade your credit rating...”
The whole notion of excessive government indebtedness, or that government might not be able, as the president threatened, to issue or cash social security checks was always a crock, a sham. There was never, ever a moment when Barack Obama didn't know that his homey analogies about government having to live within its means just like a family were just cynical fairy tales.
The president could have prevented this “crisis” by passing a debt ceiling when he had a 50 vote majority in Congress for all of 2009 and 2010. He could have avoided it again by allowing the Bush tax cuts to expire. Instead the president renewed the Bush tax cuts when he had a 50 vote majority in Congress. The president could have defused it in the last month by any of a number of means, including simply calling it fake. But giving away the game is not what actors in a con do."
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posted by nolocontendere at 4:54 PM
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