The bill that introduced a New Normal.
One hundred years ago yesterday (as ZeroHedge reminds us), the 16th Amendment to the U.S. Constitution was formally ratified, legalizing a tax on personal income. Ever since, this taxing authority has served as collateral (and stimulant) for the federal government's borrowing. Also in 1913, Congress created the Federal Reserve System as a lender of last resort. Coincidence?
Put one and one together and decide for yourself.