U.S. Treasury Dept. Needs $1 Trillion to Finance the National Debt This Year…”looming catastrophe”
by Joe Wolverton, II, J.D.
TheNewAmerican.com
Thursday, 31 January 2019
The government of the United States will soon borrow up to $1 trillion in order that it can continue making payments on the national debt, which totals nearly $22 trillion.
The U.S. Treasury Department announced it would issue new bonds and notes in order to fleece the American taxpayer for the funds it needs just to keep the debt bubble from bursting. Here’s how Bloomberg explained the scheme:
The total amount of 3-, 10- and 30-year securities to be offered at next week’s refunding auctions is seen by most at $84 billion. While that’s $1 billion more than the total for these maturities three months ago, that’s only because the size of the three-year sale was already nudged higher in December. A heightened supply of Treasury securities follows tax cuts and government spending increases implemented under the current administration. That’s darkening a fiscal outlook already made worrisome by rising entitlement-program expenses and higher costs to service America’s nearly $16 trillion in debt. The Federal Reserve’s balance-sheet runoff is also adding to supply, forcing Treasury Secretary Steven Mnuchin to tap the public for more funding.
Anyone reading the preceding paragraph will instantly identify the causes of the looming catastrophe. It is now as it was some 2,200 years ago when the Greek historian Polybius declared that “it is not hard to foretell the future by inference from the past.”
By seeking to soak Americans into financing a debt that was incurred by the creation of a leviathan that destroys the liberties and property of Americans, coupled with a crippling tax that penalizes prosperity, the U.S. Treasury is demonstrating that it — and by extension the federal government it finances — has nothing in common with the people and is simply surfeiting itself and the class of banksters that benefit from the betrayal.
It isn’t as if we weren’t warned. Beyond the warnings provided by the study of history, many of our own statesmen have foretold a future where paper money, central banking, and a bloated central government would combine to decimate the the freedom and the wealth of the American people.
Take, for example, the painfully prescient words of one of our forgotten heroes, John Taylor of Caroline, who wrote in 1814:
Swindled out of endless wealth, by the vauntings of paper credit, of its will and ability to defend liberty and property; that hapless nation sees itself taxed and impressed, to increase the penalty of its own credulity, [65] and to protect that which promised to yield protection; its annual taxes beget annual additions to permanent debt, and its endless war with France was commenced by the fears of its paper system, however this war may have gradually changed its ground.
The effect of opposite interests, one enriched by and governing the other, correctly follows its cause. One interest is a tyrant, the other its slave.
The Rest…HERE
