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Home Alternative News News Bernanke Admits Biggest Scam In World History - Public Debt

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At the semi-annual Monetary Policy Report hearing in Congress, Chairman of The Federal Reserve Ben Bernanke has tried to explain why a Ponzi scheme is a perfectly acceptable system for United States. Receiving a lesson about currencies and the national public debt, Ben has admitted that public debt is not indispensable and that there are other options available instead of debt-based monetary system. How did Bernanke come to this revolutionary conclusion? Talking about the period when United States had zero federal debt, Senator Mark Kirk reminded him on debt-free national currency. It's a pity that Senator hasn't asked Governor of Central Bank what will happen when the American people realize just how horrible the fraud is, including not only material but also damage in cultural and educational terms. Or better question yet, when other nations realize the same thing, we can expect 10, 20, 150 or 500 times stronger explosion than Hiroshima?


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Albert Edwards from the global strategy team at Societe Generale: "The fact that it has just risen from its sick-bed to perform a frenetic Irish jig is more a function of the financial morphine and steroids that have been pumped into its emaciated body than any miracle cure. You don't have to be Dr Doom to expect the patient to collapse back into a deep coma after the stimulus has worn off. It is not the on-balance sheet public debt of close to 100 percent of gross domestic product that makes governments bankrupt but the off-balance sheet liabilities of an additional 300-400 percent of GDP that are total impossible to fund. Governments will have to default in some shape or form and part of that process will be inflation. But you cannot inflate away some of these liabilities. The US cannot inflate its way out of these ludicrously expensive, unfunded health care liabilities. It can only default. But how?"

 

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