Huge Nat'l Debt. Worse than 'starving the beast' - 'feeding the monster'

[NAO]

The Huge National Debt. It's Worse than 'starving the beast' - It's Really about 'feeding the monster'

Back when the (allegedly) conservative Ronald Raygun ran up HUGE unprecedented deficits by simultaneously cutting taxes for the wealthy and increasing military spending, some progressives speculated that there was a hidden agenda. They wanted to saddle future generations with a huge debt so that they would not be able to provide social services because of lack of funds.

The creepy, scary anti-tax fanatic Grover Norquest called this strategy "starving the beast". He said that by bankrupting the federal government, we would be forced to cut social programs. He said he wanted to shrink government down to the size where he could "drown it in the bathtub" (why does Grover Norquest hate America?).

However, there is a far more sinister motive for accumulating a massive national debt: it functions as a wealth transfer, taking money from those who work for a living and transferring it to those who live off of their wealth.

Here is how it works: when deficit spending occurs, the government borrows money from private lenders (institutions owned and controlled by wealth individuals) and issues treasury bonds. These investments are guaranteed by the US Government and they pay interest to the holders. The interest on the national debt is paid out of tax revenues. So the national debt is a way to take money from working people and give it to wealthy people. The bigger the national debt is, the higher the interest payments are, and the faster money is transfered from working families to the "ownership class".

And THAT is why Bush has been engaging in INSANE deficit spending and increasing the debt beyond all belief. Increasing the debt is actually providing annuity income for his "haves and have-mores" base, at the expense of the rest of us and our children. The descendants of the wealthy are going to be making money off of our children's labor, and it is being set up right now.

Getting rid of the "Inheritance Tax" is just a small boon. Taxing work (wages) rather than wealth (interest income, dividends, capital gains) is the racket. And increasing the national debt, and thereby increasing the interest payments to the wealthy is ultimate way to bleed the needy and feed the greedy for now and the future.

[Tace]

1. The Money of Cannibalism -- Anthony Hargis

There are people in this world who tell us that the Federal Reserve System is a kind of criminal operation, and that we should return to a gold-based currency. Do we need such an alternative? Are they joking? Or, are they engaged in an attempt to avert the extinction of the American people?

Many people regard government as little more than a band of pirates and robbers. Some people regard it in less gentle terms. They all seek to avoid its rapacity; and some seek to improve or abolish it. One of the most common practices that people employ to avoid the reach of pirates is to use cash for as many of their transactions as possible. These people imagine that they do a noble thing, that they deprive pirates of strength. They do no such thing. Instead, they give their own strength to pirates and they embrace a most hideous--but well-concealed--practice.

Let us briefly review the history of banking in this country. For the first 70 years of this country, bank notes were issued against gold by private banks. It has been estimated that, by the time of the Civil War, there had been 7,000 private issues of bank notes, of which 5,000 had failed. While there were countless reasons for these failures, probably the largest category of failures could be accounted for by the bankruptcy laws and the inherent corruption of government. In other words, many of the failures were intended. The process would follow this pattern: the looters would

a. establish a “bank,” take in gold as deposits and issue bank notes against the gold;

b. take two or three percent of the gold and distribute it to judges, prosecutors and politicians;

c. remove another 50 to 70 percent of the gold from the reach of the “law” but still under the control of the looters and then

d. declare “bankruptcy.”

The judges, prosecutors and politicians, of course, would know exactly how to “express their appreciation” for the presents received from the looters. (This practice may be applied in other kinds of business; the Enron debacle follows this pattern exactly.)

(more)

http://www.strike-the-root.com/51/hargis/hargis2.html

[opihimoimoi]

2. Yup, been saying this years...... Nat Debt is a not a very good way to

solve things...for the short run ...yes, but for the size we have today....with no end in sight...its Malfeasance and asinine to boot.

[Jim Sagle]

3. Soylent Greed

[NAO]

4. "Arrgh - Soylent Greed is (the life energy of working) PEOPLE!!!!

It's PEOPLE.

Somehow, I don't think the plutocrats will be as horrified as Charlton Heston when they realize (it they don't already know) that their T-bond interest is the blood, sweat and tears of working people.

[Jim Sagle]

5. They like it like that. That's what w's smirk is about - the knowledge

that his followers volunteered thmselves, their aging parents, and their children, as food.

[NAO]

6. Running up the debt creates annuity interest income for the wealthy

God, the magnitude of the scam involved to siphon money away from the masses into the pockets of the wealthy boggles the mind.

That old saying "The rich get richer and the poor get poorer" is not just folk wisdom and it is NOT a natural feature of the economy or a result of human nature. It is the result of an elaborate SYSTEM, with many interlocking, mutually reinforcing features that all work together to make the rich get richer and the poor get poorer.

[teryang]

7. The Secret of the Temple

You've got it!

[fasttense]

8. It is interesting that prior to the great depression huge debt was run up

due to World War I. But the US did not owe the debt, the US was the lender. It is just the opposite of what happened before the great depression. Or is it?