Webcast: Debt Commission Kicks Off First Meeting
The President's National Commission on Fiscal Responsibility and Reform kicks off today with its first meeting to discuss the country's long-term fiscal challenges. The commission must report its recommendations by December 1 on how to lower the deficit to 3 percent of GDP by 2015 and how to slow the long-term growth of debt.
The meeting will be broadcast live starting at 9:45am on C-SPAN. Speakers will include Fed Chairman Ben Bernanke and OMB Director Peter Orszag, along with CRFB's very own Bob Reischauer and Rudy Penner.
Also, make sure to check out our twitter feed as CRFB will also be live tweeting this event.
I have the answer to how to balance the budget!
President Obama has the authority to spend money into circulation. He could spend money into circulation to pay for the maintenance, repair and building of roads and bridges. These roads would be something that every US citizen would benefit from in one way or another. Spending not loaning money into circulation will not cause inflation because you can't get inflation when you increase the money supply with productivity gains. Our debt based monetary system is unsustainable and will collapse. If you don't know this already, all the money we use was created at local lending institution. When someone gets a loan from a bank, new money is "created" by the bank on a checkbook ledger and when the person spends his newly loaned money he puts money into circulation that never existed before. What our current monetary system doesn't take into account is that in this loan (money creation) process the interest charged on the loan is never created. For the loan to be repaid plus the interest, a person has to "capture" someone else's loan principal. It is evident that in this debt based monetary system not everyone can win.
What is going on now is that what we think is inflation is really the cost of money (the interest) that has to be added to the cost of doing business. This makes items we buy daily cost more and more and pushing it to the point of not being able to afford these items. Businesses are failing daily!
Something needs to be done and soon! There is a graph at wealthmoney.org that shows that by the year 2016 a family of four earning $40K per year will owe more with their portion of the nations interest debt then they take in per year. This doesn't allow any money for rent, food ect.
Visit wealthmoney.org for information on legislation that was presented in Minnesota that shows the step by step process as to how "Spending money into circulation" would work. It is really the only way to end this doomed monetary system.
"You can't pay debt with debt and get out of debt." That is what Presidents have been trying to do for years and now it has caught up with us. Something needs to happen and the only President in history with enough strength of character to do this is serving us right now.
wealthmoney.org check it out.
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