Why the Debt Ceiling is a complete oxymoron

22 10 2013

I’ve been saying this for years now, ever since I watched Chris Martenson’s Crash Course and had “the epiphany”.  This short film clearly spells out why debts will one day have to be cancelled, no ifs, no buts……

The Federal Government today announced a $200 billion increase to the Commonwealth debt ceiling.  A six-month audit into Government spending in the face of a “deteriorating” budget position will also come into effect……

Treasurer Joe Hockey announced “the Coalition government will have to increase the debt limit for Commonwealth Government securities to $500b,” and “we are increasing it to that level because I’ve been advised that on 12 December, the current debt limit of $300b will be hit.”

“We need to put it beyond any doubt and we do not want to have to revisit this issue again,” he said, adding the Government needed to “move quickly” particularly in the wake of the recent US debt limit crisis.  So, as rossleighbrisbane wrote at the AIMN, Hockey’s obviously concerned that Labor will continue to waste money in Opposition.

So, either Hockey is stupid, ignorant, or disingenuous.  I suspect all three.

At the very least, he does not understand the exponential function.  Nor does he know about fractional banking.  Some treasurer…….  why oh why are we ruled by MORONS!!!

wealth transfer

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3 responses

23 10 2013
Lindsay

We are “ruled”, as you put, it by morons because we morons voted for them. We would not be “ruled” if we were actively engaged in the electoral process, required (nay demanded) that our elected officials take the views of the electorate to Parliament and vote accordingly, but this only happens when the electorate is involved, interested and informed. We have outsourced the latter to Political parties so we get what we have, and ultimately, we have what we want.

23 10 2013
Robyn

I don’t know about fractional banking either, but I’m not the Treasurer!

24 10 2013
mikestasse

Hello Robyn….. watch this:

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