The Social Security “trust fund,” for example, is not a fund at all but a mass of liabilities.
by Richard Spencer
No, America is not about to default on its debts. And, no, Grandma’s August Social Security check won’t bounce. Nor would a failure to raise the debt ceiling result in a financial breakdown and ensuing Mad Max-style societal collapse. (This latter fact will, no doubt, disappoint many AltRight readers.)
Democracy seems to function through mass delusion, but few recent issues are obscured by so many misconceptions and misdirections as the current “debate” over raising the debt ceiling. Below, I’ve listed a few, all of which revolve around the fallacy that the government is about to run out of money. One might take solace in the fact that Washington’s latest political crisis is more smoke than fire. To the contrary, examining the errors of the current debate brings one closer to an understanding the truly catastrophic nature of the world monetary system.
First, the misconceptions.