Originally Posted by MACH1
The spending has to stop, I agree.
But the $$$ has to come from some where and printing more isn't going to solve anything. It has to be backed with something like Gold, you know the stuff that the fed reserve has. And not paying your debt is bad business, next time you get in a bad situation who's going to borrow you money if you don't pay your debts in the first place. And yes we're paying interest, figure out how much is owed and how much is interest being paid. At the current rate it is unsustainable.
The Federal Reserve only has the gold because the government handed it over willingly...and then started charging the American people to borrow on it by creating the first permanent income tax. Quite the messed up situation.
And I do know that just printing more isn't going to work. If anything they should be printing less right now. And of course you have to pay your debts, but the Congress paying the Federal Reserve to print money is like me paying you more than the cost of toilet paper (and still buying the toilet paper) to wipe my ass for me...if you get my meaning. (disclaimer: I DO NOT want Mach1 to wipe my ass!)
And honestly...I'm pretty sure that Congress could basically give the middle finger to the Federal Reserve (and its bankers) by having the Federal Reserve Act repealed. What are they gonna do...sue for trillions of dollars? I'm sure that would go real well.
All I know is though is that the present system is a failure. It (the Revenue Act) was an emergency measure, adopted under the pressure of war necessity and not to be counted upon as a permanent part of our revenue structure. The high rates put pressure on taxpayers to reduce their taxable income, tend to destroy individual initiative and enterprise, and seriously impede the development of productive business.