The Fed won't allow the US to issue currency
There is a war in finance. This war is not a war of a good guy versus a bad guy. This is a war of two bad guys, a war of Titans who could destroy each other and the financial system.
The old world European Titan is the central bank complex, made up of the Fed, the central banks of Europe, and the Bank of International Settlements/IMF/World Bank.
The new Titans are the hedge funds and Goldman Sachs, who seek to profit in good times and bad. These do not war against the central banks out of a sense of right and wrong, but rather out of a sense of greed.
The issue at hand is sovereign debt. Clearly, sovereign debt is put in jeopardy when the Goldman/hedge fund complex puts a short on it. Other investors take the cue and stay away from the bonds of Greece, and others. The central banks meet this problem with overwhelming force of financial bailouts, mainstreet be damned.
But what happens is that this would not even be an issue if governments would issue their own money. Instead of going into debt to central banks, the government issues debt and the banks deposit this as money. The sovereign countries should have the money to pay their debts and make the financial system whole. But they aren't permitted to print their own money.
But that would make the Federal Reserve and the central banks irrelevant. The blood suckers of the universe cannot become irrelevant, so the debt piles up in the nations and the Titans of shorts come in and play off this totally unnecessary situation.
It is a crying shame that things are this way. It is a terrible thing that the US could end up being the object of this short, causing costs for borrowing to skyrocket. It hasn't happened yet, but with the Fed bailing the world out and all banks out at easy money, sub 1 percent borrowing costs, the US could become Greece. But we don't have to become Greece. Throw off the Fed and print money. Where are Lincoln's Greenbacks when we need them? Where is Kennedy when we need him? Oh, I forgot, you print greenbacks and you die.
So if the day comes that the Titans destroy each other, I hope the US military is present to escort the Federal Reserve Bank of the United States/Old Europe out the door never to return.