Fed Chair Yellen Speaks an Uncertain Truth

CBO estimates project that by 2024 U.S. Government Debt will be $27 Trillion and yet the Fed, White House and Congress continue to support wealth, productive capacity, trade, monetary, social and tax sapping policies despite the costs. Already at near unrecoverable levels if we then consider that the CBO projections do not include continued war-footing costs, defense, Obamacare and debt-serving costs, it is more likely that we will see deficits in the $33 Trillion range and no nation can survive this.

As the Fed Chair attempted to field questions (at a hearing on Capitol Hill on May 7th) and, for the moment, ignoring that Sen Bernie Sanders (D-VT) hasn’t a clue as to economic-monetary science or our system of government, he did manage to compose a rather (rare) interesting query for Ms. Yellen to consider: “Are we still a capitalist democracy or have we gone over into an oligarchic form of society…?” to which she replied “I don’t know what to call our system or how to – I prefer not to give labels….”

I suspect that what she really would like to have said is: “Senator, you’re an idiot for asking me that question; you know full well that if I described the present system as it truly is the public would run out of rope before they finished hanging those of us responsible.”

Curtis C. Greco, Founder

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