Former Gov. Johnson: Financial Meltdown Imminent

Tuesday, 26 Jul 2011 05:19 AM

By Hiram Reisner

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Former New Mexico governor and Republican presidential candidate Gary Johnson says he would not raise the debt ceiling despite what he believes is an inevitable fiscal meltdown. Johnson also said Monday on Fox News that the only way to resolve the crisis is a constitutional amendment balancing the budget.
 
“The opportunity here is to stop printing money — so, I wouldn`t raise the debt ceiling,” Johnson told Fox News’ Neal Cavuto. “And for all the chaos that will ensue, all the problems that will go along with this — and I don’t want to minimize that — this is something we could deal with now, as opposed to later.

“And I’m in the camp that believes we are going to have a monetary collapse,” Johnson said. “And that will be the bond market that collapses, simply because there`s no repaying $14 trillion in debt, given our current deficit this year — last year, the year before, years going forward.”

Johnson told Cavuto that raising the debt ceiling is not the answer.

“Well, been there, done that — how many times have we have seen that played out in our lifetimes — I can’t tell you how many times I have seen that play out,” he said. “Republicans control the House — look, Republicans may not control anything in the future — this is certainty — the certainty is we could actually bring this to bear now.

“And by bringing this to bear, stop printing money and deal with a balanced budget now, as opposed to what I just think will be calamitous down the road,” Johnson said.
 
 

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved