More Deficits, More Debt: US Past Its "Havenstein Moment"

``In the first two months of the current fiscal year that began on October 1st, the US national debt has grown $320 billion. That is $21 billion more than the same 2-month period last year, which illustrates that the growth of the national debt continues to accelerate. The reason of course is the federal government's huge operating deficit, which is not getting any smaller... The US government has long passed its Havenstein moment. With so-called "quantitative easing", which is the modern term for money printing, the Federal Reserve is enabling the federal government to take the soft political option. Spending has not been cutback, despite the perennial shortfall of government revenue. This uncontrolled spending has been accommodated by money printing, which today means expanding bank balance sheets. ''