A Comment to Timothy Piercy

Your question "... Last time I heard there is a national debt. How can you loan money when you have none yourself. " is precisely the truth that myself and scores of others have been trying to convey to the average work-a-day folks for years!

I know you know but here is the answer to your question: The income tax!!

Every taxpayer is not only considered as such but actually IS the collateral needed to borrow the $$$ from "the Fed" or international bankers. So it doesn't matter when, how they spend or who they borrow to and under what circumstances. Whether the checkbook is half full, half empty, miles deep in red ink makes no difference where a fiat currency is allowed to exist. There is no EMPTY, as long as there are income taxpayers. I'm sure you've heard the term "collateral damage" spoken about during wartime. Well now you know EXACTLY what is meant.