Tuesday, June 16, 2009

The most powerful man in the world said, “The U.S. Government is out of money.”

A Dangerous Belief System At Work

One shocking example of how widespread this fallacy-ridden belief system has become can be seen in a statement made recently by President Obama, who claimed that the United States Government was, “out of money.” Such a claim is impossible for a nation that spends in its own, non-convertible, free-floating currency, but that did not stop the highest elected official in America and the most powerful man on earth from asserting that it was true!

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1 comment:

googleheim said...

And not even Paul Krugman nor any of his contemporaries pointed out the Forex swaps.

Who has the big picture ?

what is the relation of the temporary super expansion of the monetary base last fall with that of the creation of the TARP credits available to banks ?