Wednesday, September 13, 2017

U.S. government appears ready for infinite debt creation as Debt Clock ticker removed as symbol from New York location

Out of sight, out of mind?  Perhaps that is what the removal of the Debt Clock ticker from its long-standing location in the heart of New York City now signals to the country following Washington's plans to remove the debt ceiling entirely.

For those who do not know the history of the debt ceiling, it was imposed by Congress in the second decade of the 20th century to try to slow down the government from monetizing unlimited debt once the Federal Reserve was voted into place.  In fact, under the original scope of the Federal Reserve Act, the central bank was not allowed to purchase government debt, but that changed once the country began preparing to enter World War I.

Now approximately a century later, and after accumulating $20 trillion in monetized debt, the charade that was the debt ceiling (as it has been raised by Congress an estimated 78 times) appears to be fully unmasked and this can now allow Washington to simply sell unlimited and infinite amounts of debt any time it sees fit.

The billboard-sized running clock that in real time displays the US national debt has been removed from its location in New York City after the federal debt surpassed a historic $20 trillion mark last Friday, a Sputnik correspondent reported from the site. 
As of Tuesday morning, the clock was detached from its location on the southeast corner of 44th street and 6th Avenue in Manhattan, supposedly for physical updates to the display. 
On Friday, the US national debt reached the $20 trillion mark for the first time ever after President Donald Trump signed a bill temporarily raising the nation's debt limit for three months. The legislation allowed the US Treasury Department to begin borrowing again under "extraordinary measures" to avoid a financial default. – Sputnik News

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