We in initially thought a mere 350 billion had accumulated, but no, over the month of November Jack Lew at treasury was busy monetizing some $670 billion in accumulated deficit.
How long was ther debt limit in effect?
WSJ: The Treasury Department bumped up against the debt limit in March but has used emergency cash-management measures since then to avoid breaching it. So
Congress is likely covering up the real deficit, closer to $700 billion than the 480 billion value stated. federal reserve subsidies, internal borrowing from trust funds, and delayed or time shifted contractor payments let Congress hide its real debt until the presidential election. Then Congress has to pay up so rates rise, inflation rises and we get a recession.
No comments:
Post a Comment