“If investors chose not to purchase a sufficient volume of new Treasury securities, the United States would be required to pay the principal on maturing debt, and not merely the interest, out of available cash. Yet the Treasury would be unable to make these principal payments without the continued confidence of market participants willing to buy new Treasury securities.” – Treasury Secretary Tim Geithner in a letter to Sen. Jim DeMint regarding raising the Federal debt ceiling. Translation: “The U.S. financial system is an enormous Ponzi scheme.”
Jim’s Quote of the Day:
