Below is an excellent example of scare-mongering and ideologically-rooted media froth.
Joe Scarborough
WASHINGTON, D.C.— Aug. 3, 2011
It was a financial storm that even an economics professor could see coming. The debt crisis that had gripped Washington for a month came to a sudden, horrifying climax that left America’s economy looking like a nuclear wasteland. Credit markets suffered life-threatening seizures as the stock market dropped a staggering 25 percent. U.S. Treasuries plummeted as Moody’s and Standard & Poor’s downgraded the United States’ credit rating — instantly adding trillions of dollars in interest costs to the national debt. Only gold was on the rise, and its price exploded past $2,000 an ounce.
Phi Beta Iota: The only people who benefit from raising the debt ceiling are the banks that destroyed the economy in the first place, and the industrial complexes from medical to military that have grown the profligate entitlement and earmark society. Nationalizing the banks and closing down the Federal Reserve are both viable alternative strategies. The fact of the matter is that the truth is not on the table. To WHOM does the US Government owe money in violation of the Constitutional mandate that it be the steward of the full faith and credit of the Republic? Triage among sovereign powers, banks, and individual investors should reveal a wealth of alternatives. This is, as one TV commentator called it, a “food fight.” Intelligence and integrity are lacking within Washington–neither the Republicans nor the Democrats, the Congress nor the Executive, are demonstrating the needed character during this time of tribulation.
