Debt Ceiling & the Fiscal Cliff

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President Obama wants to make it easier for our nation to go deeper into debt supposedly to convince bondholders that we are serious about paying our bills. Of course, we can only “pay”our bills if bondholders loan us the money to necessary to make the payments . In other words, we “pay” them back using their own money, going even deeper into debt in the process. How much longer can this Ponzi scheme continue now that we have alerted the victims to the nature of the scam?

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Peter Schiff is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary for the US Senate.

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