Gersh, the "ah's, uh's. and err's" were noteworthy.
The government operates essentially on the cash method of accounting. It only operates by considering current cash receipts, and ignores all future liabilities that it creates by its actions. If any private entity tried this, they would be convicted of fraud. However, as an aside, fraud in not defined in the thousands of pages of the Internal Revenue Code. One of those situations where we will make up the rules as we go along.
The point that I've been trying to make is that from what I see the fed is going to shortly witness the receipts for this fiscal year, which ends 9/30, will probably be down 10-20% from last year at a time where expenditures are rising dramatically. The eventual result is enevitable - inflation, or, as the congressman stated, fiat dollars.
TB |
