by QTR’s Fringe Finance at ZeroHedge
I’m a realist. I understand there’s always going to be hypocrisy on both sides of the political aisle. And I also understand that, as far as politics go, monetary policy is pretty much “the third rail.”
As I’ve always said, if there’s one thing that should alarm you about today’s monetary policy — which is damn close to full-on modern monetary theory — it’s the fact that both political parties agree on it. Are there any other issues that you can think of off the top of your head that both parties agree on and never argue about? I sure as hell can’t.
But while both parties have generally embraced the way the country has run monetary policy, their respective stances on how the country runs fiscal policy are quite different. And therein lies the basis for why today’s revelation matters.
There’s no doubt the United States needs to make dramatic spending cuts to prevent itself from spiraling—either downward into an eventual debt default or upward into hyperinflation. If you want a primer on why that is, I’d recommend listening to this one-hour, simple-to-understand synopsis of the country’s financial position, followed by this appearance by Jim Bianco on the Julia LaRoche podcast a couple of days ago.
Right now, the political climate consists of Republicans taking a chainsaw to anything they can get their hands on in government to cut spending, and Democrats protesting any and all cuts for any reason they can drum up. Hashing out individual issues worthy of cuts is not what this article is about, so we’ll save that discussion for another day.
This article is meant to point out the fatal hypocritical flaw that exists in Democrats’ reasoning as it relates to…
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