Tag Archives: inflation

How to Pay What We Owe

BY FRANK HILL
Reprinted from TelemachusLeaps.com

Inflation. Pure and simple.

Inflating the national currency is the tried-and-true way that governments have used for centuries and millennium to get their way out of budget problems caused by excessive debt.

But it is a dangerous bet and one that would not be necessary had we been responsible adults about our budgets and not run much debt, or any at all, over the past 40 years.

No budget deficits, no national debt. No need to borrow…from anyone. Case closed.

Inflation hit the stratospheric level of 12% per year in 1980-81. Interest rates spiked up to 21%. President Jimmy Carter’s anti-inflation policies were an abysmal, absolute, abject and total failure. Continue reading →

A Trillion-Dollar Coin? Seriously?

BY FRANK HILL
Reprinted from Telemachus.com

Senate Democrats and President Barack Obama and others on the national scene and in Washington are giving serious consideration to issuing a $1 trillion coin in the event that the debt ceiling becomes a major point of contention in the next several weeks with House Republicans.

Which it will. You can count on that.

Seriously. A group of 4 US Senators in the World’s Greatest Deliberative Body sent a letter to President Obama today basically saying they have ‘got your back, Mr. President!’ to do ‘anything possible’ to avoid any discussion on spending cuts in advance of the next debt ceiling debacle. Continue reading →