Economic IQ test: If the national debt doesn’t matter, then why are we still paying federal income taxes?
by Mike Adams
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(NaturalNews) The U.S. federal government is over $16.2 trillion in debt. But that doesn’t really matter, we’re told, because the Federal Reserve — a private banking monopoly — can create an unlimited quantity of dollars to keep buying up the U.S. debt. This is called “QE unlimited,” meaning unlimited quantitative easing (money creation).
On top of that, U.S. Treasury Secretary Timothy Geithner recently suggested we simply eliminate the debt ceiling altogether and launch America into INFINITE debt.
This program of fiscal suicide is already under way. The Federal Reserve announced a few weeks ago that it would begin buying up to $80 billion a month in U.S. debt, continuing indefinitely.
At the same time all this is going on, the government insists it needs to confiscate an ever-expanding portion of your income in order to increase “government revenue.” Current federal tax “revenues” (which is a warped word to use for taxes in the first place) are at roughly $2.4 trillion a year.
But hold on just a second… and here’s the IQ test, are you ready?
If the Federal Reserve can just create trillions of dollars a year in new money and hand it over to the federal government, then why are tax revenues needed at all?
Answer: They aren’t.
If debt doesn’t matter, then taxes aren’t needed at all
Under the current system of unlimited spending, unlimited money creation and unlimited debt that “doesn’t matter” according to the bureaucrats in Washington, there is absolutely no reason why any so-called “revenue” needs to be collected from the working class population whatsoever. “Revenue” only matters if debt matters, and we’ve been told by everybody in Washington (except Ron Paul) that debt doesn’t matter.
Logically, then, we need no income tax at all. The President could simply announce the elimination of all federal taxes and the closure of the IRS, then have the Fed print up the money it needs. No more income taxes… ever! Imagine the savings in paperwork reduction alone…
This instant creation of money by the feds is not only possible, it has already been done. Remember the “too big to fail” bankster bailouts that began in 2008? Bailout totals have exceeded $2 trillion. Do you know where that money came from? The Fed created it out of thin air. They can do this any time they wish, of course. It takes about sixty seconds and a single computer entry at the Fed, matched by an inverse entry at the U.S. Treasury. In mere seconds, whammo! Another couple of trillion dollars (and debt) is magically created.
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