Jim Grant: America’s default on its debt is inevitable
National Pravda Radio (NPR) recently produced an infographic showing Everyone The U.S. Government Owes Money To, In One Graph. 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 (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.
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