Creating Money Ex Nihilo

Perhaps the only good thing about this near trillion dollar stimulus package that has passed both houses of Congress (and will now have to be reconciled between them) is that the Democrats cannot blame George Bush for it.  It is their baby, and when it vomits all over us the American people will remember who was responsible for it.

The most disappointing player in this drama has been the President himself, whose promises of a new era of bipartisanship have come crashing to floor as he has failed to show any substantive leadership in that regard.  Yet another column has made the same observation.  Camille Paglia writes,

Surely common sense would dictate that when Congress is doling out fat dollops of taxpayers’ money, due time should be delegated for sober consideration and debate. The administration’s coercive rush toward instant action, accompanied by apocalyptic pronouncements of imminent catastrophe, has put its own credibility on the line.

President Bush’s political opponents were quick to criticize him for failing to control spending.  And so were his political allies!  Bush might have even received more grief from conservatives over his spending policies than he received from anyone else. 

Now the tables have turned.  Already deep in the mire of bailouts and recession, President Obama has pushed for spending at an astronomical level.  Conservatives who criticized Bush for this kind of problem will now criticize Obama.  What will Obama supporters do?

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2 Responses to “Creating Money Ex Nihilo”

  1. phi kay Says:

    Suck it loser!

  2. minglingmike Says:

    “It’s a waste of time to debate monetary policy without taking into account how money is created.” (from “Banks need Boundaries!” petition)
    Money ex nihilo wouldn’t be so bad if it were money ex nihilo in the common interest. Currently, however, it’s greared towards those creating in, sponsored by…US.
    http://www.banks-need-boundaries.net/do_banks_really_create_money.php

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