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"When national debts have once been accumulated to a certain degree, there is scarce, I believe, a single instance of their having been fairly and completely paid. The liberation of the public revenue, if it has ever been brought about by bankruptcy; sometimes by an avowed one, but always by a real one, though frequently by a pretended payment.

The raising of the denomination of the coin has been the most usual expedient by which a real public bankruptcy has been disguised under the appearance of a pretended payment."

Adam Smith
An Inquiry into the Nature And Causes of the Wealth of Nations


great post again.
good going helicopter Ben & Obama!
"you can fool some of people some of the time,
you can fool all people some of the time,
but you cannot fool all the people all the time "- Abraham Linclon.
expect recession 2.0!
for all the bulls that are expecting another 20% upside from here, I only have to say. " Ignorance is bliss"
by the way, any post on the authenticity of US Reserves of 8000 tonnes of gold would be very useful.
US govt could be expected to mortgage its gold for a bailout from its global counterparts.

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