http://www.usatoday.com/news/opinion/editorials/2011-07-28-debt-ceiling-myths_n.htm I quite liked it. Loved this tidbit: If Congress and the White House don't cut a deal, some legal experts say, Obama could assert authority under the 14th Amendment ("the validity of the public debt of the United States shall not be questioned") without approval from Congress. wtf? "World, you must keep buying out bonds ... we are good for it. Trust us. Oh, and Congress said what? Meh, that was a mere suggestion. Ignore mode = on." Caesar, anyone?
"The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned." Mr Obama is taking the first and last clause in that sentence and ignoring the stuff in the middle - THE VALIDITY OF THE PUBLIC DEBT OF THE UNITED STATES SHALL NOT BE QUESTIONED!
I tried explaining the basic concept of the debt ceiling to my Mum the other night, after she saw about it on some news program. She was shocked to hear that America currently has a maxed out American Express card at $15,000,000,000,000 and is trying to gain approval to get a new Visa card from the same bank for another few trillion dollars.
I think you'd find that the Patriot Act has more than enough loopholes to justify the funding of the Pentagram (sorry Pentagon) and its never ending wars against 'the enemies'. As for the debt position, Barefoot Investor reports another that is very accessible.
....the 14th amendment goes out the window in that congress is supposed to coin the money- not the federal reserve.
