Wednesday, June 9, 2010

The Federal Gov't is not "out of money!"



The Constitution of the United States grants Congress the power to create money. It does not say that at $13 trillion it has run out.

President Obama was totally irresponsible to make a statement like that.

If private credit is contracting the government MUST create money or there will be economic contraction and a broadening of poverty. This would be an abrogation of the government's responsibility as dictated by the Constitution ("provide for the common defense, promote the general welfare...")

There is an ongoing campaign of distortion, disinformation and outright lies being conducted in America by the media and people with their own cynical agendas. The result is that 15 million people are without work, 1 in 5 children live in poverty and the wealth producing capabilities are left to wither.

A revolt against this propaganda must be organized or the United States will suffer an irrecoverable decline in its standard of living.

Comments like, "the government is out of money" or, "the government can't create wealth" and, "printing money creates inflation," must be forecfully resisted and challenged.

It may already be too late. The campaign of disinformation has gripped the vast majority of the electorate and is pervasive on television and in the media. It is this campaign, which is not based upon any fact or operational reality, that deserves blame for the worsening economic conditions and the spreading of poverty.


4 comments:

Matt Franko said...

Mike,
I been monitoring the audio of Bernanke before Congress this AM. He is really part of the problem here...it's terrible.

Many gaffes of course..Ill get a link up here later from the C-span site if they make it available.

Mike Norman said...

He loves his job and he doesn't want to make waves or be confrontational so he panders to ignorant lawmakers in Congress. If he had balls he'd tell the truth, especially since he's just been reconfirmed. He's got 4 years to make things right and speak in facts and operational realities--the stuff that would make the country enormously prosperous. He doesn't have to pander anymore.

MortgageAngel said...

"Unless we as a nation make a strong commitment to fiscal responsibility, in the longer run, we will have neither financial stability nor healthy economic growth," Ben Bernanke -June 9, 2010

Exposing contradictions might be effective. How has he defined 'fiscal responsibility' in the past, I wonder?

MortgageAngel said...

Just read this

http://custom.marketwatch.com/custom/alliance/ii/story.asp?pop=t&guid={C5005F26-71F1-4DDB-A264-D1D7A8B7EB7E}&siteid=AFF09CA4-18F9-4453-800A-24CCB74BB780

If he was a doctor he'd be sued for malpractice!