Worlds Largest Debtor Ever Raises U.S. ‘Debt Ceiling’… Again

(Before It's News)

by Mark O’Byrne
GoldCore

The US government has once again agreed to increase it’s so-called debt “ceiling” – this time from $18.5 trillion to $20 trillion. The so-called debt ceiling is recognized industry-wide as a complete misnomer.

[...] “The phrase “debt ceiling” sounds austere and restrictive, as if intended to keep a lid on government spending. Actually, the U.S. national debt limit was conceived almost a century ago to do the opposite: to make it easier for Washington to borrow money” (see: Bloomberg Quicktake)

Investment advisers Casey Research yesterday called the debt ceiling ‘a farce’. “Last week, Forbes reported the U.S. government has raised the debt ceiling 74 times since March 1962. The latest increase – number 75 – should help fund the government until March 2017 or so.”

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