The Humble Libertarian

Building a small army to take over the world and... leave everybody alone.


Thursday, March 8, 2012

Govt. sets record deficit in February

The federal government is borrowing 42 cents of every dollar it spends. Actually, it's even worse than it sounds because it's getting harder and harder to find suckers to buy our debt which will ultimately go the way of confederate bonds. Accordingly, the Federal Reserve is buying a lot of the debt. In government speak that's called monetizing the debt; in reality it's how the government devalues the dollar by creating money out of nothing except thin air.

...the government has borrowed 42 cents of every dollar it spent during the first five months of this fiscal year.

The nonpartisan agency projected the government will run a deficit of $229 billion in February, the highest monthly figure ever...

Read the rest here
The Washington Times