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While Bernanke attempts to explain the reasons for the economic meltdown, he fails to mention how much of the blame goes to the Federal Reserve and their easy money policies under Greenspan. Working productive Americans are bailing out the financial establishment that destroyed our economy along with 45% of the wealth in the world and now the American taxpayers and our children will be forced to live a far lower standard of living with reduced prosperity and opportunities due to this but only we pay the price.

Washington has bailed out the banks, Wall Street & their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall. We believe a growing repudiate the debt movement could actually save our wealth and the markets and suggest this is a better alternative than Washington’s plans to monetize the debt in future years and tax and destroy our remaining wealth by depreciating the dollar.

The Campaign to Cancel the Washington National Debt By 12/21/2012 Constitutional Amendment is starting now in the U.S. See: http://www.facebook.com/group.php?gid=67594690498&ref=ts

I guess that is one solution, but I would expect the results to include global trade wars, perhaps some shooting wars, rapid and permanent devaluation of the $, and third world style hyperinflation in the US. For good or for ill, the world does business primarily in $ and the financial markets are global in nature. Confidence in the $ and the backing of our national borrowing with the full faith and credit of the US government is a foundational pillar of world wide economics. Assuming that defaulting on our national debt would not have far-ranging negative impacts seems to be unrealistic.