by John Galt
June 6, 2012 22:55 ET
America can only service its long term debt by refinancing and borrowing from China with short term debt, yet the debt has expanded to astronomical proportions.
The Federal Reserve is holding hundreds of billions of dollars of substandard, non-AAA paper on its books with no buyers and yet is expected to create a new QE program to bail out the banksters and keep the stock market from crashing before the election.
Idiot savants like Larry Summers are calling for MORE deficit spending to keep the Ponzi scheme going and damn future generations to debt slavery.
So what does “Economist” Steve Liesman of CNBC infamy say this morning? Bingo. Let’s print more to bail out Europe, what the hell, somebody will repay it someday so let’s keep the party going.
Watch the incredible exchange with Rick Santelli on CNBC this morning below: