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.
4:07 pm on May 30, 2023