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Our Founders' Economic Advice to Obama (Part 2 of 2)

Kibitzer Wrote: Jul 17, 2012 1:46 PM
A July 11, 3012 AP Article, “Strong Treasury auction fetches record low yield” indicates, “Demand was very strong at an auction for U.S. government debt, pushing the yield on the 10-year Treasury note down to a record low.” It further suggested that, demand for low-risk securities was the reason for there being $3.61 in bids for every $1 worth of notes on sale. A reported $21 billion of the notes at an interest rate of just 1.46 percent were sold. A statement in the article, “The strong demand for low-risk securities reflected continued uncertainty in global markets”, proves that you can fool some of the people at least some of the time.
Kibitzer Wrote: Jul 17, 2012 1:47 PM
. The government operated Ponzi scheme continues with borrowing to pay off old investors with money from new investors with no plan to actually reduce the debt! The Ponzi finance bubble will eventually burst if the status quo continues.
So who bought this debt? The Federal Reserve? Is investing in a Ponzi scheme "low-risk?????????????????

Last week, I summarized how President Barack Obama has not lived up to his campaign promises to lower the national deficit and debt and get our nation's fiscal house in order. So now I'm calling on him to heed the economic advice of our nation's first eight presidents.

Before I highlight some of the Founding Fathers' wisdom on federal debt and spending, let me remind readers how Crossroads GPS recently summarized Obama's relation to national debt:

"January 20, 2009: The National Debt Was $10,626,877,048,913.08 (Obama Takes Office). (Treasury Department, accessed 5/23/12)

"May 22, 2012: The National Debt Was $15,721,218,607,447.09 (Most Recent)....