DebtClock080913bToday President Obama said in a press conference that “inflation is in check” and “monetary policy is sound.” Both are absurd statements. The fact is the U.S. fiscal situation is in the twilight zone, with trillions of dollars being added to the nation’s debt level while trillions of dollars are being printed to satisfy Treasury bond holders. Any small business owner trying to pay rent knows inflation is not ‘in check.’

In recent days a scaffolding was put up — obscuring the Times Square Debt Clock as the nation’s debt level blew through $17 trillion, a low number to begin with. Last Summer LE reported the Debt clock had been rolled back $500 million to delay crossing $15 trillion. When one considers the U.S. government generates only $2.5 trillion of tax revenue (in a good year) one doesn’t need to be a Ph.D. to see that this doesn’t end well, especially given the ongoing ‘spend but don’t tax’ policies enacted by Democrat and Republican leadership.

runningMr. Obama is angling to get a new Fed Chairman who will keep the presses running.

The nation’s fiscal disorder goes back 100 years to the creation of the Federal Reserve System and the misuse of the people’s money (Liberty Bonds) to fund unnecessary wars (of choice) — along with weapons trafficking, to arm U.S. allies (to fight unnecessary wars) who then reneged on billions of dollars in loans used to buy the weapons from U.S. suppliers.

Mr. Obama likes to say that his policies are keeping America “safe,” and yet it was Adm. Mike Mullen, former Chairman of the Joint Chiefs-of-Staff, who said the nation’s debt was the “single biggest threat to our national security.”

The plan going forward is to keep printing money, default on debt obligations (including Social Security), squeeze the people, start wars, incite revolutions, and plunder other nations.