Monetary reform is the key to spending restraint

``So long as the Treasury deficit can be financed with discretionary money and credit -- newly created by the Federal Reserve, by the banking system, and by foreign central banks -- the federal budget deficit will persist... Because of the official reserve currency status of the dollar, combined with discretionary new Federal Reserve and foreign central bank credit, the federal government is always able to finance the Treasury deficit, even though net national savings are insufficient for the purpose... ''