Monday, February 4, 2013

Tu Casa Es Mi Casa

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.

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