These fools get up before the American people in their one minute speeches before congress and declare they have prevented a default by adding to the debt. The fact is we are defaulting on the debt by adding to it. Such fools and idiots are they that believe this nonsense spouted by virtually every member of congress. Every unbacked fiat dollar printed is a default on the debt. QE1, 2, and three are massive defaults on the debt. Raising the debt limit on our national budget is a massive default on the debt.
The consequences of this massive default are:
1. Most savings that any American has accumulated is being robbed by rampant inflation
2. Most Social Security recipients will not soon be able to buy a hamburger with their monthly check and will retire in poverty if they have no other savings or income protected from the ravages of inflation.
3. Those paying into the system whether social security or tax will never receive the benefits of those payments in the form of a program promising some future contractual consideration implied therein.
4. There will result from this insane folly a complete destruction of not only the dollar but this nations economy, as well as the standard of living that goes with it.
5. There is a huge risk we will lose what remains of our liberty and freedom.
So, the next time you hear some idiot say that congress has saved this nation from default on the debt by creating even more debt, just realize the true nature and depth of these liars and their deceit and/or abject ignorance of all things economic.
Such is the price we pay for accepting the Keynesian concept of money and debt.