What About The "We Owe It To Ourselves" Promise?

The Keynesian-minded economic advisors to the ever-promising politicians have, for a generation, been claiming that we needn't worry about deficits because we "owe it to ourselves."

Well guess what, some of it we do owe to ourselves (in a sense). "Fed purchases of Treasury debt represent a debt that the government owes to itself."

"Rep. Ron Paul on Monday introduced legislation (H.R. 2768) that would lower the federal government's debt by canceling the roughly $1.6 trillion in debt held by the Federal Reserve."

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