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mgray · 03-09-2010, 04:29 PM

In the US most of the revenue collected by the US Treasury through the IRS is used to service the debt. Very little to none of the tax revenue is used to pay for new services in the budget.

So you can see how the Fed and its shareholders/owners: Goldman Sachs, JPMorgan Chase, Citigroup, Wells Fargo, et al have the taxpayers over a barrel. It works similar to the loan shark: You pay the vig, but not the principal.

03-09-2010, 04:29 PM	#15
mgray Avalon Senior Member Join Date: Dec 2009 Location: New York City Posts: 40	Re: Demise of EU and euro In the US most of the revenue collected by the US Treasury through the IRS is used to service the debt. Very little to none of the tax revenue is used to pay for new services in the budget. So you can see how the Fed and its shareholders/owners: Goldman Sachs, JPMorgan Chase, Citigroup, Wells Fargo, et al have the taxpayers over a barrel. It works similar to the loan shark: You pay the vig, but not the principal.