Thanks for this, which I totally yoinked for FB (having obviously missed it a fortnight ago).
Seems to be a lot of good sense in that piece. On Sat, Jul 30, 2011 at 3:15 PM, nathan tankus < [email protected]> wrote: > incidentally, jamie galbraith has a good quote on the history of the > debt ceiling "The debt ceiling was first enacted in 1917. Why? The > date tells all: we were about to enter the Great War. To fund that > effort, the Wilson government needed to issue Liberty Bonds. This was > controversial, and the debt ceiling was cover, passed to reassure the > rubes that Congress would be “responsible” even while the country went > to war. It was, from the beginning, an exercise in bad faith and has > remained so every single second to the present day." > > > http://my.firedoglake.com/scarecrow/2011/07/12/james-k-galbraith-hawk-nation-a-guide-to-the-catastrophic-debt-ceiling-debate/ >
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