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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (11077)	1/5/2003 6:56:03 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 89467

. $$$ Out of Control January 6, 2003 William (Bill) Buckler Captain of The Privateer Extracted from the Early January 2003 issue of Bill Buckler's "The Privateer" $US 1 TRILLION FROM THE TREASURY $US 1 TRILLION FROM THE FED $US 500 BILLION FROM THE WORLD That total is what the Bush Administration wants/requires - for the next 12 months - to have their war in the Middle East, to keep their external empire running, and to keep the US economy "growing.' The US debt ceiling was raised by $US 450 Billion (from $US 5.5 to 5.95 TRILLION) in August 1997. That lasted until June 30, 2002, when the ceiling was raised by another $US 450 Billion to its present $US 6.4 TRILLION. The first raise lasted 61 months. The second raise, of the same amount, is now estimated (by the Treasury) to last for 8 months. Throw in a Middle East war, and the US Treasury is running on a profile which might see them add $US 1 TRILLION to their debt in ONE year. On top of all that, the Federal Reserve is hammering fresh, new money into the US monetary system at a mean weekly speed of somewhat above $US 20 Billion. That shows that another $US 1 TRILLION could arrive, courtesy of the Fed, over the next 12 months. Of course, it is a long running ongoing fact that the deficit on the US Current Account requires inflows of $US 500 Billion or so annually. Add these figures together and the astounding result is that the US government might need $US 2.5 TRILLION borrowed and printed for the next 12 months, and that's not including ANY federal taxes. The sum of ALL the above is simply a rampant case of fiscal INSANITY. It is insane on the simplest kind of sum of the FACTS, which show it to be the case. This is what Americans and the world had better prepare themselves for, because this is the direction the Bush Administration is going in - even before any real WARS start. OUT OF CONTROL: The US economy is presently obviously suffering from a huge drag of malinvestments and overinvestments from over a decade of accelerating credit expansion since the fall of the USSR. Now, they have swung further into a program of HUGE deficit spending combined with an external war. They are trying to underpin this "policy" with yet another Fed induced credit expansion which already looks like adding up to $US 1 TRILLION to the presently circulating $US 8.55 TRILLION on an M-3 basis. These are acts of both financial and economic madness. As this "policy of the insane" extends itself further in time, it runs huge global risks of being the cause of a COLLAPSE of the US Dollar. It is the US Dollar, and its international value which underpins the value of the Treasury debt instruments which most of the rest of the world's Central Banks and Treasuries hold as "reserves" behind their own national monetary systems. This US "policy" is gambling with the core financial systems and banking systems of the whole world. The whole world, in their turn, relies upon the soundness of their own Central Banks' financial situations. This cascade danger is real and global. Were the US Dollar to begin an uncontrollable descent (Nasdaq style or October '87 Dow style), there would not be the means anywhere with which to address the situation. The hard economic truth is that just as markets can be taken down by false policies, so can currencies. Monetary history shows this well enough as any reasonable student can attest to. When currencies crash, being the underpinnings of the values in the marketplace, they take not only these values with them when they crash but also the entire economy. Despite all this, based upon these "policies," the men in the Bush Administration want a WAR?! More follows for subscribers. January 6, 2003 William (Bill) Buckler Captain of The Privateer