Creative Accounting, the Obama Way
Here is an interesting piece of creative accounting by the current US government. They manage to fool most of us into believing that the debt limit is an absolute limit, and that not raising it will have devastating consequences. Yet, although the official numbers appear to be unchanged for the last 56 days, they have been adding another tiny $51.586 billion of debt, close to a billion a day. Hardly a very limiting limit.
BTW, about 90% of the new debt is lent by the Federal Reserve, basically since nobody else wants to lend to the US government anymore.
Not too far from now, there will be a renewed discussion about raising the debt limit. There will be another fake argument between the two (fake) opponents? But some of us can see through such smoke screens, since we know that they have and will increase the debt anyway.
They really know the glories of creative accounting. One day they will know the shame as well.