Will Grigg?s Liberty Minute

February 10, 2009

With the federal government preparing to run up trillion-dollar annual budget deficits, the foreign creditors who have propped up Washington appear to be surfeited on its bad debt.

Piling new trillions of debt atop existing trillions of debt will do nothing but destroy the dollar and wipe out the middle class. Essayist Thomas Eddlem proposes an international grassroots movement to ?shut off the debt spigot by cutting up the [federal] credit card.?

Specifically, he wants to create a viral campaign organized around the theme: ?Don?t Buy Bad Federal Debt!? This would mean not buying T-Bills, Savings Bonds, or any other government securities, selling the ones people already own, and encouraging foreign investors to do likewise.

Eddlem points out that the market for federal debt is already saturated. A movement by US citizens to dump federal debt instruments could resonate with creditors who are already prepared to cut off Washington?s tab.

Let us take back the liberty wherewith Christ has made us free.