http://kelsocartography.com/blog/?tag=harpers
Republished from Harper's, January 2009 issue. By Linda
J. Bilmes and Joseph E. Stiglitz:
``Using conservative assumptions, we calculate that the
bill for {George W.} Bush-era excess, the total new debt
combined with the total new accrued obligations, amounts
to $10.35 trillion...''
Hi All,
In an effort to paralyze the U. S. federal government,
just three presidents, Reagan and the Bushes, have incurred
most of our cureent $11 trillion national debt -- this
was not accident or stupidity; it was deliberate policy.
Paying interest on this debt as it continues to grow
should be repugnant to all of us -- what a waste of our
tax dollars. So, here is a proposal in the tradition of
President Abraham Lincoln:
Immediately pay off the entire U. S. debt with electronic
(and printed when necessary) U. S. Treasury bills,
"electronic greenbacks." These treasury notes will pay no
interest; and will be "stored" in the U. S. Treasury until
the debt-holders give the U. S. Treasury their account
numbers for direct deposit. All interest payments on
notes issued by the Federal Reserve will be banned by law
and immediately cease.
The new greenbacks will be legal tender in the U. S. and
must be accepted abroad by U. S. agencies, contractors,
and banks chartered in the U. S. no matter where they
are operating.
Are we a paper tiger? Let's find out.
Jack Smith
