Sunday, May 15, 2011
The Ponzi scheme must go on....
The global Ponzi must go on! Taking his cue from fellow terrorist Hank Paulson, Tim Geithner threatens Congress with all manner of disaster and destruction if they refuse to raise the debt ceiling.
Below is Geithner's letter to Senator Michael Bennet of Colorado.
“A default would inflict catastrophic far-reaching damage on our nation’s economy, significantly reducing growth and increasing unemployment...Even a short-term default could cause irrevocable damage to the economy. A default on Treasury debt could lead to concerns about the solvency of the investment and financial institutions that hold Treasury securities in their portfolios, which could cause a run on money market mutual funds and the broader financial system. A default would call into question the status of Treasury securities as a cornerstone of the financial system, potentially squandering this unique role and the economic benefits that come with it."