AND Magazine Menu

Debt Ceiling Fears

Claude Morton
Column Editor

When was the last time Wall Street was looking out for American interests on Main Street?



Is Wall Street looking-out for Main Street?

UBS

UBS is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland. It provides investment banking, asset management and wealth management services for private, corporate and institutional clients worldwide, as well as retail clients in Switzerland. | Photo: Reuters | Ubs, Bank, Finance, Money, Economy, Global, Wealth,

Is Wall Street looking-out for Main Street?

Claude Morton
Column Editor

93.8K

Views/Shares

[Comments] The debt ceiling is falling! The debt ceiling is falling! Take cover, move all small children and women away from opportunity and financial solvency, the bankers want more money!

The other week President Obama went before the American public and stated, "'raising the debt ceiling, which has been done over a hundred times, does not increase our debt." Such brilliance is hard to ignore, perhaps I'm just not smart enough to understand how increasing the debt without revenues leads to less debt, yet President Obama eloquently rattled it off without so much as a blink of an eye.

But what does that statement really mean? "We've raised the debt limit 100 times'", meaning we have 100 dollars, we spend 100 dollars, and then we say 'Off of economic forecasts, we are going to grow, and we actually have room for 300 dollars of debt, although we only make 100 dollars (which we already spent); but these nice bankers over here (Federal Reserve and company) want to lend us $200 dollars at some interest rate which financial firms and banks manipulate on a daily basis to sway governance over our citizens with.

Devoid of ethics and real systems of oversight in our governance, our government takes the $200 dollar loan, and off we go into debt, just like you do at home.
You know, when you run out of money you simply pull each side of your wallet wider, thus creating more room to borrow, you've raised your debt ceiling.

Now with this wider wallet, you can pack more debt in it, and guess who wants to help you fill that debt? Bankers, who will be extracting a revenue stream of interest off this debt, who will securitize this debt, and who will sell this debt for trillions of dollars all around the globe.

Of course you don't have a magic wallet, unfortunately President Obama doesn't realize our country doesn't have one either. Instead, and you can clearly see the hook still stuck in his mouth, President Obama has been reeled along by transnational corporations and banks that are holding our economy and governance hostage.

They are forcing our President to demand our debt ceiling get raised once more, so more revenue can be created for these transnational bankers. If you don't believe me, go find out who reaps the benefits of this interest stream. Is it the American public, or is it transnational institutions (governments, financial firms, banks, or corroborations) ' I'll give you a hint, it's not the American public.

Raising the debt ceiling, especially without a vote from Americans, is taxation without representation. You have not voted to raise the debt ceiling, the interest rate that will become due off this expanded debt is the tax, a hidden tax and one of the worst side-effects of a central banking system.

Of course you'll hear on the mainstream news and political shows that we have to raise the debt ceiling. They'll bring out all sorts of experts like Stephen Rattner (Who had to pay the New York Attorney General $10 million for his involvement in a plot that enriched Rattner's company with public funds mismanaged by inside men at the New York Comptroller's Office); and like Maurice "hank" Greenberg (Who ran AIG into the ground while profiting marvelously and forcing the American taxpayers to lend him over $180 billion dollars at almost 0% interest, especially once the tax breaks given to AIG after 2008 have been taken into account).
I wonder why Bernie Madoff isn't doing live feeds from prison, where those other two swindlers belong, not on the news telling Americans we have to raise the debt ceiling or else the sky is going to fall.

When was the last time Wall Street was looking out for American interests on Main Street? Yeah, I don't remember either, so I'm not going to start listening to them now.


Claude Morton

Claude Morton, Column Editor: Claude Morton is an independent contributor, who mostly writes articles on politics, Veganism, philosophy, or local events. Claude has contributed to a variety of print and online outlets including Yahoo!, MovieMaker Magazine, and the Ann Arbor News. From Claude; I’m in the 1%, no, not that 1%. I’m a vegan, indie filmmaker, libertarian socialist, and a pacifist. I champion freedom as much as equality, and love discussing solutions about our country’s biggest dilemmas. ... (more...)