I think its generally in poor taste to resort to swearing in any site that aspires toward some literary standard. But I honestly can’t think of a better word in the English language that adequately describes the perennial politicking of the U.S. debt ceiling, and its attendant implication that the government will grind to a halt because it can’t pay its bills. What an absolute load of horse muffins!
First of all, a “debt” implies that lenders will be repaid at some point. Anyone with a historical perspective can surely see that we’re in the waning days of the United States dollar as a viable currency.
The hyper-inflationary fabrication of capital legitimized (at least, to the vast majority of fools) under the auspices of “quantitative easing” and “stimulus” is the signal that the deterioration in real economic growth is terminal, and without the massive welfare scheme, the U.S. economy would be more or less on par with Greece, with precisely the same capacity for repayment of debt.
There is absolutely zero risk that the government of the United States will cease to function because of insolvency. There is a 100% certainty that some new platform for capital fabrication will be developed to keep the operating account flush and the business of government humming along.
There is also no such thing as a “debt ceiling” in the United States. The mockery that has been made of that constitutional ideal negates the possibility to regard the concept with the slightest shred of credibility, in view of its routine violation.
All this “debt ceiling” canard does is provide yet another soap box for Republicans and Democrats to blame each other for defective government so that the illusion of democracy is on display in the mainstream financial press.
Meanwhile, the real work of the U.S. government – facilitating, aiding and abetting the criminal and predatory enterprise of elite U.S. financial institutions – continues uninterrupted behind the public facade of such congressional grandstanding.
Its a clear sign of a civilization’s decline when this kind of political charade dominates the public discourse instead of genuine topics of public interest. Like “how come nobody from the major banks is facing criminal charges for plunging the U.S. into the deepest recession since 1929?” or “why is that originators of futures contracts in commodities such as gold, silver and oil can do so ad infinitum without any reflection of real world supply and/or demand for such commodities?”.
Notice, these discussions are completely absent from Bloomberg, the Wall Street Journal, the New York Times, and the Financial Post.
