The Tragic History of USA’s Debt Ceiling

I’m guessing most Americans have no idea where the crazy idea of our “Debt Ceiling” came from.

Full Disclosure: I didn’t until this morning.

Wanna take a guess why it happened and when it got started?

If you guessed WAR you’re right – and specifically it was to allow the USA to enter WWI.

Regular readers already know the nonstop spigot of Created-Out-Of-Thin-Air-Fiat-Money directly makes possible the Welfare (unlimited promises to everyone) State and the (never ending) Warfare State – both.

But how did the perpetual LIE of a Debt Ceiling get started?

How did this idea – which forever changed America – get past the old hard money mindset of the early 1900s?

The answer is here in this article titled, “Are You 100% American? Prove it!”

Btw, you’re being sent to my dear friend Sean Ring’s daily column, Rude Awakening.

His is a free, daily, macro-economic picture of what’s happening right now. Occasionally, like today, he presents other great writers in his circle that have a particularly timely and relevant story.

I highly recommend Sean’s daily column and this one in particular.

You’re in for a treat.

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4:07 pm on May 30, 2023