Tuesday, May 03, 2011

Senator: US borrowing a 'Ponzi scheme'

Senator: US borrowing a 'Ponzi scheme;' The Hill

Sen. Jim Risch (R-Idaho) on Thursday called the way the U.S. borrows money a “Ponzi scheme” that could soon throw the country into financial turmoil.

And he said the U.S. is no longer in control of its own future as a result.

"It took time for this to set in," said Risch, according to northern Idaho’s Coeur d'Alene Press. "What I realized was this country is no longer the master of its own destiny."

Risch described in detail how the Bureau of Public Debt, through the U.S. Department of Treasury, goes about borrowing the $4 billion to $5 billion a day needed to keep the federal government running.

"There's no money," said Risch. "It's a Ponzi scheme."

Read the rest here.

Comment: Baaaa baaaa... but we got Bin Laden... baaa baaa...

No comments: