The Super Committee fails
Nov 21, 2011
It is no surprise that the so-called "Super Committee" is hopelessly deadlocked on the issue of budget cuts and taxes. Their deadline to come up with a solution is nearing, and it appears that they have given up early.
NEW YORK -Congress' latest failure to resolve the federal budget gridlock sent stocks plunging Monday. The Dow Jones industrial average fell more than 300 points.
A 12-member bipartisan panel was supposed to agree on at least $1.2 trillion in deficit reductions by Wednesday. The panel appeared ready to admit failure on Monday.
This means that in 2013 there will be automatic budget cuts across the board to save over a trillion dollars. In the end, hardly any of this even matters. The underlying problem is found in the source of money itself--which, since 1914, has been the private Federal Reserve Bank. Congress gave away its right to create money, so that all money in existence is a debt, rather than actual wealth.
It was only a matter of time before the debits and credits of the nation would become lopsided, and America itself would become insolvent and bankrupt. The bankers thought they were smart enough to figure out a way to take total control, not realizing that the people themselves would ultimately throw off the yoke and declare a Jubilee.