ronpaulrevolution:

Advice to Geithner by Ron Paul 

Mr. Chairman, I thank you for holding this hearing on the state of the international financial system. The Treasury Secretary has neglected to appear to testify on this topic for several years, so I hope the committee will treat this topic with the importance it deserves during this Congress. It is especially important because of the work the G20 has undertaken on global currency reform since 2008. What role US representatives have played in these negotiations is unknown to Congress, nor do we know what global currency reform initiatives are being discussed. I fear that the G20 negotiations will result in a fait accompli that will be forced upon the American people with no opportunity for input or debate.

Ever since the closing of the gold window by President Nixon in 1971, the unbacked US dollar has served as the world’s reserve currency. No longer constrained by being required to exchange dollars for gold, the US government has been able to fund its fiscal profligacy with trillions of dollars of new money created out of thin air. The only constraint on government spending is the willingness of investors to continue to purchase the Treasury debt issued to fund the government’s massive fiscal deficits.

The federal government’s fiscal profligacy has caused the national debt to skyrocket to well over $15 trillion. Even with nearly a trillion dollars of daylight under the current debt ceiling, it is highly likely that the federal government will reach this limit before the November elections. Foreign nations, especially our major creditors such as China, are watching keenly to see if Congress is serious about getting spending under control. Foreign creditors hold $5 trillion of Treasury debt, debt which is becoming increasingly devalued as the federal government runs trillion-dollar deficits and the Federal Reserve continues its trillion-dollar quantitative easing programs. Another increase in the debt ceiling would signal that Congress is not serious about reining in spending and would foreshadow a further decrease in the value of the dollar.

antigovernmentextremist:

theheritagefoundation:

As it goes on trial, don’t forget about Obamacare’s 17 NEW taxes. And…another #FAIL.

Oh yeah! I totally forgot the Supreme Court was taking up Obamacare today! The decision marks an important point in the history of our Constitution. Does the government operate within limitation put forth by the Constitution or does the Commerce Clause give the government broad authority to regulate inactivity?

The Gov’t is trying to eat itself out of famine. That’s not going to work. You can’t tax your way to prosperity, this has been proven time and again through out history. Yet this administration doesn’t get it. 

Just think about the billions and trillions of dollars of debt we’re going to take on with this new mandates healthcare plan. 

Treasury Secretary Timothy Geithner admitted to Congressman Paul Ryan and the CBO that he and the Obama Administration have no plan for controlling long-term debt in this country. Congressman Paul Ryan even says: “Yeah, right. We cut it off at the end of the century because the economy, according to the CBO, shuts down in 2027 on this path.” Geithner completely ignores the statement and tries to convince us that we have no other solution. 

@Suga_Shane