Zero Hedge, Martin Armstrong: “I have been warning that there is an idea that has been running around behind the curtain that the national debt of the USA could be settled by usurping all pension funds in the country. Here is a remarkable blueprint that throws all previous considerations concerning the purchase of government bonds over the cliff. The IMF working paper from December 2013 states boldly:
“The distinction between external debt and domestic debt can be quite important. Domestic debt issued in domestic currency typically offers a far wider range of partial default options than does foreign currency–denominated external debt. Financial repression has already been mentioned; governments can stuff debt into local pension funds and insurance companies, forcing them through regulation to accept far lower rates of return than they might otherwise demand.”
Opinion: “The rich rules over the poor, And the borrower is servant to the lender” Proverbs 22:7.
Debt is the scourge of our nation. The total of national debt and unfunded liabilities of the United States is over $100 trillion and growing by the second.
There are four options:
- Devalue the currency
- Confiscate savings
- Raise taxes
- All of the above
Politicians tell us that they are fighting to save the middle class and help the poor when in actuality they are taking from the poor and middle class and giving it to the rich.
Almost 5 trillion in stimulus was given to large money center banks via innocuous names like Quantitative Easing and Twist. The maneuvers are devaluing the US dollar, forcing us to pay more for everything, while making stock equity prices rise. The rich are getting much richer.
Martin Armstrong is right, ”People are blind.”