Congress To Eliminate The Debt By Not Counting It Anymore...
Submitted by Simon Black of Sovereign Man blog / ZeroHedge
You know the old rule of thumb about laws–
The more high-sounding the legislation, the more destructive its consequences.
Case in point, HR 3293– the recently introduced Debt Limit Reform Act. Sounds great, right? After all, reforming the debt seems like a terrific idea.
Except that’s not what the bill really does. They’re not reforming anything. HR 3293′s real purpose is to authorize the government to simply stop counting a massive portion of the US national debt.
You see, one of the biggest chunks of the debt is money owed to ‘intragovernmental agencies’.
For example, Medicare and Social Security hold their massive trust funds in US Treasuries. This is the money that’s owed to retirees.
In fact, nearly $5 trillion of the $17 trillion debt (almost 30%) is owed to intragovernmental agencies like Social Security and Medicare.
So now they basically want to stop counting this debt. Poof. Overnight, they’ll make $5 trillion disappear from the debt.
On paper, this looks great. But in reality, they’re setting the stage to default on Social Security beneficiaries without causing a single ripple in the financial system.
Remember, when governments get this deep in debt, someone is going to get screwed.
They may default on their obligations to their creditors, causing a crisis across the entire financial system. Or perhaps to the central bank, causing a currency crisis.
But most likely, and first, they will default on their obligations to their citizens. Whatever promises they made, including Social Security, will be abandoned.
And if you read between the lines, this new bill says it all.
Not to be outdone by the United States Congress, though, the International Monetary Fund recently proposed a continental-wide ‘one off’ wealth tax in Europe.
Buried in an extensive report about Europe’s troubled economies, the IMF stated:
“The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair).”
continue article at ZeroHedge:
http://www.zerohedge.com/news/2013-10-29/congress-eliminate-debt-not-counting-it-anymore
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We have ‘Morons In The Gate’. You cannot legislate away debt. If they do this, every American is off the hook for their debts as well; this action by Congress would set legal precedent. Of course, the current U.S. government does not give a hoot about written, case, or settled law; which will only make the situation in America much worse.
A 7 year-old child can be taught to balance a checkbook. Politicians are not at that level yet.
You’re both idiots. Since our debt is constitutionally illegal on a slew of levels, they actually CAN just ignore it and make it go away. Second, balancing the world budget (the petro dollar is the world’s current currency reserve still) and a checkbook is like saying a 7 year old taught tee-ball can play in the majors. And you two are supposed to be “smart and informed”? I hope not, or America is worse than even this site shows it is.
love how these guys are always thinking.. a group of 635.. we only send the best to represent us..
Hahahaha if this is true then we all should be forgiven our debts!!!
Congress mewls or sucks 24/7. By doing this, congress will be able to gain their huge reward from the Rothschild bank without even having to mewl.