Reckless government spending and an uncontrollable federal debt have created an unavoidable monetary disaster ahead. The door to unlimited federal spending was opened by President Nixon in 1971 when he severed the last link between the dollar and gold by ending foreign central banks’ ability to exchange dollars for U.S. gold. Politicians realized that more spending produced more votes to keep them in office; and with no limit on federal spending, the mountain of debt just kept on growing.
Tagged: Constitutional Convention
The federal government has been expanding for decades. More laws, more spending, more regulations. More executive actions and judicial decisions that enlarge the role of government. Everybody knows this, but[…]
The full bill for Obama’s failed economic policies has yet to arrive. But no such explosion of debt has ever escaped a day of reckoning, and no such monetary surge has ever had a happy ending.