Jim Grant: America’s default on its debt is inevitable [1]
National Pravda Radio (NPR) recently produced an infographic showing Everyone The U.S. Government Owes Money To, In One Graph [2]. Laughably, it shows the 2.1 Trillion owed to the Federal Reserve shaded in blue as debt held by “Federal Government.” I have a news flash for them: The Federal Reserve is no more “Federal” than Federal Express. It is a private banking cartel that was given a monopoly when it was created a century ago. So for Democrat Congressman Alan Grayson to suggest the Fed “cancel” its Treasury debt [3] (as he recently did) would be like you asking your local banker to “cancel” your house mortgage, as a little favor. That isn’t going to happen.
Items from The Economatrix:
Gold Crushed! 2013 Losses Now Over 20% [5]
Retailers’ Warning To Congress: You’re Killing Christmas! [6]