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Originally Posted by Iriemon  That is the Fed, not the Govt, and it has done a reasonable job controlling the money supply, in my opinion. The deficits have been largely financed by borrowing from China and our SS trust fund, not by expanding the money supply. |
This might require a seperate thread to do justice but I definitely take exception to this.
1) The dollar is currently at a 14 year low verses the pound and its slide vs the yen and Euro continues as well. You have to blame much of that on the fed.
2) This is a fiat monetary policy, how do you differentiate between new money printed or the money borrowed? I think we can both agree without a huge debt the fed wouldn't need to to print money at such a feverish rate.
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But your atittude is typical of the pass the buck generation and our legacy of debt to future Americans. I personally find it immoral and disgraceful to purposely pass the cost of *our* government to future taxpayers, but your view seemed to be the majority, at least until recently while the Republicans were in control.. Hopefully the Democrats will have the balls to do the right thing with their pay-go proposal, but I'm not holding my breath.
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This attitude is somewhat defeatist in nature but I've long stopped accepting blame for the debt being passed on. For a majority of my life I've been forced to assist in programs that violate my principals and no end is in sight.
Introduce a system where spending is actually based on revenue projections, then I could agree to making a concerted effort to reduce our debt. Otherwise, I'm done trying to chase the pain and any attempts to shame me with barbs such as "the pass the buck generation" falls on deaf ears.