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Posts Tagged ‘debt limit’

Warren Buffett speaking to a group of students...

Warren Buffett showed his bankster and Wall Street insider sympathies on the September 30, 2011 episode of Charlie Rose.

At 26:54, he said:

The decision to make Tim Geithner the Secretary of Treasury was a terrific decision.

Yes, that’s correct. He’s talking about Tim Geithner, the guy became U.S. Treasury Secretary despite not even being able to figure out TurboTax, the guy who made Chinese students laugh when he tried talking up the dollar, the guy who issued a debt limit threat, and the guy who claimed the U.S. would never lose its triple-A credit rating a year before it did just that.

Seriously, Warren? Are you telling me that kind of track record got your company to where it is today? Oh that’s right — you turned your back on the principles that made your company great, as I outlined in this article.

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Timothy F. Geithner, Under Secretary of the Tr...

In May, 2011, Treasury Secretary Timothy Geithner held up a pocket copy of the U.S. Constitution, and made the audacious claim that the Congressional debt limit is unconstitutional, citing Section 4 of the Fourteenth Amendment, which reads in part:

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

The nerve of him to claim the federal debt limit is unconstitutional, since he was previously the head of the largest of the 12 privately-owned regional banks of the illegal and unconstitutional Federal Reserve System.

Despite the 1819 U.S. Supreme Court ruling in McCulloch v. Maryland, which effectively ruled that a private central bank is constitutional, a private central bank was regarded as unconstitutional by the Father of the Constitution, James Madison, and by Thomas Jefferson, and is unconstitutional by a plain reading of the Constitution, which states that Congress has the power to coin money.

I think most Americans would regard the delegation of Congress’ power to declare war to a private entity to be ridiculous, but what about delegating its power to coin money?

Not only is Timothy Geithner a hypocrite on one count, he’s also a hypocrite for previously threatening that Congress is going to have to raise the debt limit he now claims is unconstitutional.

He also showed his ignorance of U.S. monetary history in claiming that the U.S. meets its financial obligations, in failing to acknowledge that the U.S. ended the gold standard in 1933, and the gold exchange standard in 1971.

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