Slayer of the DP Newsbot
- Aug 27, 2005
- Reaction score
- Houston, TX
- Political Leaning
Last month, the International Monetary Fund released its annual review of U.S. economic policy. Its summary contained these bland words about U.S. fiscal policy: “Directors welcomed the authorities’ commitment to fiscal stabilization, but noted that a larger than budgeted adjustment would be required to stabilize debt-to-GDP.”
But delve deeper, and you will find that the IMF has effectively pronounced the U.S. bankrupt. Section 6 of the July 2010 Selected Issues Paper says: “The U.S. fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” It adds that “closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 percent of U.S. GDP.”
This section of the article is key to the crisis that we are now facing. It is no longer a question of when bankruptcy will occur, because we ARE bankrupt. We need a solution:
1) We either double ALL of our taxes, or we repudiate our national debt, and start over. Personally, I like starting over better.
2) We pass an amendment to the Constitution that the Federal government can NOT, under any circumstance whatsoever, spend more than it takes in.
3) Lobbyists are forever barred from running for public office, and those who have served in public office are forever barred from becoming lobbyists.
4) Start over with our money supply, tying it to the value of precious metals, or actual goods and services, or even some other FUNGIBLE commodity. Absolutely NO money may be created from debt. PERIOD!!
5) Absolutely no bailouts for ANY business or sector. If it goes under, then it is because it deserved to go under. Never again will corporations be given welfare.
This is for starters. Anybody disagree with these 5 points? Also, does anybody want to add other points?
Article is here.