Treasury Conjures Up a Debt Crisis

The cynical sage of Baltimore had Treasury Secretary Timothy Geithner’s number—even though H.L. Mencken was five years dead before Geithner was born. Mencken said, “The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.”

The hobgoblin this season is the ceiling on the national debt. According to Geithner and all responsible sources, the debt ceiling is impervious to reason and impervious to power. It stands resolute at $14.3-something trillion. Only an Act of Congress can change it, and it looks like the Republicans in Congress want too much for their votes—the spending cuts that Democrats in Congress are loath to countenance.   Thomas G. Donlan – Barrons

Why should we worry if the sky is falling. We have the Federal Reverve to print money – DSMW