Senator Jim DeMint expresses concern over raising the debt limit

 

February 4, 2006 – South Carolina Senator Jim DeMint has expressed his concerns to The Hill Newspaper regarding the probability of having to raise the credit ceiling of the United States for the 71^st time in the last 50 years.  According to reporter Elana Schor, Senator DeMint said, “Any time we raise the debt limit, I’m concerned.”[1]  The debt ceiling of the United States is currently pegged at $8.18 trillion.  On February 2, 2006 the national debt exceeded $8.2 trillion.  On December 29, 2005 Treasury Secretary John Snow notified Congress that the Treasury would exhaust its debt limit by mid-February and be unable to pay its bills, consequently forcing the Treasury to go into default on its foreign bank loans if the U.S. Congress did not drastically cut spending or raise the debt ceiling. 

 

There is no mechanism responsible for the debt ceiling, credit limit, or the national debt other than the Federal Reserve System.  In case you did not know, the federal government of the United States operates on a credit card issued by a cartel of private banking corporations called the Federal Reserve or Fed.  The Fed makes money out of nothing by printing it whenever the federal government creates a Treasury bond.  A Treasury bond or government bond is an IOU the U.S. Congress creates and delivers to the Fed so that the federal government can borrow more money.  The money does not exist, so it must be printed by the banking cartel. The Fed only pays approximately 2 cents per piece of paper currency, regardless of the dollar amount printed on the bill!  However, when the Federal Reserve notes are delivered to the federal government, the banking cartel charges the U.S. Congress face value plus interest – to the delight of the cartel shareholders, bankers, and the majority of Democrats and Republicans elected to Congress; all the while at the taxpayers expense.   This atrocious monetary system, ran by private bankers, is dangerously fragile and must be abolished before it collapses. 

 

South Carolinians concerned about inflation and the funny money in their wallets should contact Senator Jim DeMint and ask him to not only vote NO on raising the national debt ceiling, but to also rally his fellow South Carolina members of the U.S. Congress to form a bipartisan pact, the South Carolina Eight, that will become the leading force behind a congressional effort to abolish the Federal Reserve System and return our currency to a gold or silver standard promptly.  To be successful, the South Carolina Eight will need the assurance of the people of South Carolina, regardless of political party affiliation, that we will support them unequivocally in their fight to restore sanity to our money system and the methodology in which the federal government of the United States of America is funded.  Time is of the essence. 

 

Freelance writer / author, Ed Haas, is the editor and columnist for the Muckraker Report.  Get smart.  Read the Muckraker Report.  [http://teamliberty.net]  To learn more about Ed’s current and previous work, visit Crafting Prose.  [http://craftingprose.com]