Debt Ceiling Debate Not The Real Point

Debt-limit debate wearing on Americans ... As an Aug. 2 deadline draws closer and Washington's political brinkmanship only intensifies, Americans are discussing the potential consequences of failing to raise the debt ceiling, which authorizes the federal government's borrowing to meet expenses that tax collections aren't sufficient to cover. ... The president and the Republican speaker of the House, John Boehner of Ohio, both have appealed to the public and accused the other side of refusing to come to a deal. – USA Today

Dominant Social Theme: We must all pull together to get through this. Let the wisemen lead.

Free-Market Analysis: The debate over the debt ceiling is anything but trivial for the poweres-that-be. Political pundits on both sides of the dialectic, along with their media confidants, would like us to believe that there is a real reason for us all to be concerned over the "acceptable level" of debt. Don't worry about the fact that America is already the largest debtor nation in the world. Don't worry that the Fed handed out more than $16 TRILLION in bailouts … just a couple of trillion more and all will be well.

Well we have another take on the matter. It seems to us that to debate whether or not further "credit" should be extended is to miss the point. The real point is the fraudulent base on which the Federal Reserve System is built – in other words, the US dollar itself – and how it is eroding living standards and individual freedom.

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