THE TRUTH ABOUT THE DEBT DEAL: It’s Pretty Much Meaningless

By Zeke Miller

The "historic, bipartisan compromise" reached to raise the debt limit does not end the struggle to reign in the federal deficit — in fact, it pushes the most difficult decisions off into the future.

More surprising, the debt deal actually cuts almost nothing now--it just promises future cuts that may or may not materialize.

There are very few specific cuts in the deal — and the $1 trillion in immediate cuts are almost entirely constituted of caps on future spending. And those caps are not required to be honored by future congresses.

The "real" spending cuts to current programs will come out of a bipartisan committee of Representatives and Senators, which is charged with finding an additional $1.5 trillion in savings from the federal deficit.

But White House and Republican leaders appear split on exactly what the so-called "Super Committee" can do.

In a presentation to his caucus, Speaker of the House John Boehner said it would "be effectively...impossible for [the] Joint Committee to increase taxes," even though it could consider reforming the tax code... (Read on)

Source: Constitution Party

The United States Should Withdraw From the International Monetary Fund

By Darrell Castle

Vice-Chairman Constitution Party National Committee

Currently headquartered in Washington DC, the International Monetary Fund (IMF) was formed in 1944 and finalized in 1945 as part of the Bretton Woods agreement made by the victorious Allied Powers at the end of WWII.

The IMF’s stated purposes are as follows:

•To promote exchange rate stability;

•To facilitate and manage the growth and balance of international trade;

•To provide resources to member countries experiencing balance of payments problems;

•To help maintain a multilateral system of payments;

•And finally, to promote international monetary cooperation.

Despite its stated purposes, many people believe that the real purpose of the IMF is to bring poorer, less-industrialized countries into the orbit of global government and multinational corporations.

According to John Perkins in his book Confessions of an Economic Hit Man, third world countries have been threatened with CIA destabilization and regime change unless they accept IMF loans. The loans are made with draconian repayment provisions like cutting social services, renegotiating union contracts and privatizing public services, which then allow foreign multinational corporations access to the country’s resources. Since these target countries often have their credit ratings downgraded, the loans also carry a very high interest rate. (Read on)

Source: Constitution Party