Calls to Annul U.S. Treasury Marriage to Casino Economy

Could Timothy Geithner's sudden departure from Treasury be just days away?

The sun also rises, and the sun goes down,
And hastens to the place where it arose.
—Ecclesiastes

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In this week's Credit Bubble Bulletin ("Let's Change the Debate") Doug Noland asks,

"Why is there no consensus recognizing that the number one priority must be to protect the soundness of our government debt market – the heart of contemporary 'money?' ... It is fundamental to our nation’s future that we stabilize the government debt Bubble and secure the integrity of our monetary system. The chorus of calls for larger deficits and greater Fed monetization is fueling distortions that risk financial calamity."

There should be no doubt about this risk. Furthermore, the fact the U.S. Treasury this week put on a fine display of panic over the moribund state of the financial system should give you an idea just how vulnerable are those attempting to saddle U.S. taxpayers with their hopelessly bankrupt securities. That is why some are saying,

"Enhance the value of government Treasuries, by increasing the stability of their worth. Downgrade the relative worth of the crap that these guys are buying into. Let nature take its course."
—LaRouche: Strengthen U.S. Government Securities, Bankrupt the Bastards! (LPAC, 8/15/2010)

It is hard to imagine weak leadership in Congress not coming under increasing pressure from colleagues seeking to arrest an out of control Treasury Department. Indeed, the play against Charlie Rangel begins to make a lot of sense in this context. Our sold out Congressional leadership is attempting to erect a protective barrier with its ethics violations charges against Congressman Rangel, hoping to deflect a growing chorus calling for the head of Treasury Secretary Timothy Geithner (and by default President Obama).

—Tom Chechatka