Friday, January 7, 2011

Bernanke: U.S. Debt Is Out of Control and Nobody Gives a Damn

In testimony before the Senate Committee on the Budget, Federal Reserve Chairman Ben Bernanke made it clear that the  U.S. government debt situation can not continue the way it is, but that no one is doing anything about it:
It is widely understood that the federal government is on an unsustainable fiscal path. Yet, as a nation, we have done little to address this critical threat to our economy. Doing nothing will not be an option indefinitely; the longer we wait to act, the greater the risks and the more wrenching the inevitable changes to the budget will be.
Bottom line: Bernanke knows the debt problem is not going to resolved by others and that the Federal Reserve will simply have to print money to "fix" the problem. A "fix" that will create huge price inflation as the Fed prints more and more momey.
at 9:49:00 AM

6 comments:

  1. ScarlettJanuary 7, 2011 at 10:39 AM

    This crook is making me sick. He is like a vaccine we are forced to take which will make us more ill. He makes me want to puke.

    ReplyDelete
  2. Bob RoddisJanuary 7, 2011 at 11:22 AM

    Of course, we can always rely on our obtuse dim-witted local media to breathlessly report the horrible local job losses that will accompany any cutting of the budget. In Detroit, “Axing of landing vehicle program may cost state”.

    The horror.

    ReplyDelete
  3. DavosJanuary 7, 2011 at 1:07 PM

    Is Bernanke related to the late Michael Jackson's doctor?

    Bernanke is the enabler of debt - it'll lead to our dollar's death.

    ReplyDelete
  4. AnonymousJanuary 7, 2011 at 1:14 PM

    goto sedm.org

    you are a non-resident alen (file 1040NR) if you don't live on Federal land.

    ReplyDelete
  5. AnonymousJanuary 7, 2011 at 1:16 PM

    If the govmnt borrowed the money from the people, then the people are the creditors. That money is therefore owed to the people. We are calling in our loan NOW. The govmnt must pay us what is owed.

    ReplyDelete
  6. AnonymousJanuary 7, 2011 at 3:28 PM

    Your right Ben. We need to abolish the Fed, lock you and your fellow trvelers up for treason and fraud, then take back your usurous illgotten gains. Then we need to apply the same laws to the congress you and wall street own. That would balance the budget by Thursday.

    ReplyDelete

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