Today there was a news story about who owns the most US debt. Well, I knew that: the Federal Reserve does: duh. And Ron Paul wants to kill the Federal Reserve because of all this crazy money stuff. But Ron Paul, as much as he makes a lot of sense about other issues, will not be elected president, so: yadda, yadda. But this policy of killing the Fed can work to our advantage! And we can keep spending all we want without consequence! Want to know how? It’s easy!
Okay, look: let’s say you’re the government, and I’m some rich guy who likes you. So you spend more than you have, so I lend you the money. Then, for argument’s sake, let’s say that I die. Well, I have no family, so you owe me no money. So that means that the government has hardly any debt left (about half wiped away in an instant, in real terms, if the Fed was a dead rich guy who had no family. Get it?). Sure, we owe stuff to other countries, but we can always just invade them later.
So the issue is really about how can we erase what we owe to the Fed, right? Well, the Fed can be abolished by the government, right? So how about this for an idea (and Ron Paul gave me the idea, so blame him if it doesn’t work): every new administration will abolish the Federal Reserve. Then, whatever debt it holds against the US government will be wiped out, since the Fed is not a person, so it has no relatives. Following me so far? Okay, so then every new administration will re-found the Federal Reserve, and then the Fed will give us whatever credit the government needs to do whatever business it wants, and then the next administration will kill that Fed (and its debts), and then resurrect a new one again. See?
So, what do you think? It doesn’t sound any more illegal or immoral than anything Wall Street, or for that matter, Freddy Mac, is already doing, so what’s the difference? I say the future of this country relies on killing the Federal Reserve! And then reinstating it! Over and over again!
Now, please tell me how this argument doesn’t work out the best for everyone.
Here’s the story:
