Delusions of Debt - The Ron Paul Solution

Excellent article by Jim Quinn

Make no mistake. Our country is in the midst of a financial crisis of epic proportions. We are in a long national emergency. In the last 6 months, we have been on the brink of financial collapse twice. First, Bear Stearns was going to declare bankruptcy unless it was taken over by the end of the weekend. If this had occurred, it is believed the thousands of transactions with other banks throughout the world would have led to multiple bank failures and a freezing up of the financial system. Ben Bernanke and Hank Paulson came to the rescue with $29 billion of our tax dollars, guaranteeing the Bear Stearns mortgage portfolio on behalf of JP Morgan. Ben then opened the Fed discount window to all Investment banks. So, these prestigious institutions can now exchange their toxic waste mortgage derivatives for Treasuries. You and I are on the hook for the inevitable losses. A government that spends $12 billion a month on a war that shouldn’t have been fought – but won’t exit until we win, figures that the numbers have become so large that the public can’t tell the difference between $29 million, $29 billion, or $29 trillion.

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