Monday, November 19, 2012

US Treasury Secretary Timmy Geithner: Eliminate Debt Ceiling Altogether

Hear that, Japanese politicians? You're behind the curve again. Instead of voting each time to issue another batch of bills, notes and bonds for further deficit spending like you just did, you could simply get rid of the restrictions to issue debt.

Geithner's Debt 4Eva will go together wonderfully with Ben "Blackhawk" Bernanke's Quantitative Easing 4Eva.

From Bloomberg News on Friday (11/16/2012; part):

...Geithner said in the interview the debt ceiling should be eliminated, and “the sooner the better.” Without an increase in the ceiling, the government may not be able to pay all of its bills and risks defaulting on its debt. Congress and the Obama administration debated the limit for months last year before reaching an 11th-hour agreement in August 2011.

On the so-called "fiscal cliff", he wholeheartedly agrees with the CEO of one of the largest retailers in the world, Wal-Mart:

Geithner said he agreed with Michael Duke, chief executive officer of Wal-Mart Stores Inc. (WMT), that consumers need a quick agreement on the fiscal cliff.

“The uncertainty right now about whether this will be resolved on sensible terms, whether our middle-class families will see their taxes go up, already is having an effect on consumer confidence and the economy,” he said.

Let's see, the government's so-called solution to "solving" the fiscal cliff is mostly about which consumer group to tax further and by how much. According to Geithner and the Wal-Mart CEO, as soon as the consumers know for sure they will be taxed heavily, they will start spending. Makes sense.

Meanwhile, one of the past Nobel Prize winners in economics is promoting his wonderful idea of bringing back 91% tax rate. Move over, Monsieur Hollande (whose proposal is to tax the "rich" at 75%).

People like Dr. Krugman or Mr. Warren Buffet (who also begs the government to tax him) have an option to contribute to reducing the government debt without involving others. They could simply contribute their money to the Treasury Department. The Treasury Department says you can even use your credit card, and do it online at

You get to incur further personal debt in order to save the federal government. Makes sense.


Post a Comment