(October, 2013)
Mr. Jack Lew Secretary of the U.S. Department of the Treasury testifies and witnesses that now the Treasury is issuing “…Promises to pay ….” to “roll over” with.
Secretary Jack Lew is the Secretary for the Department of the Treasury for the United States and he is referring to the obligations issued by the U.S. Treasury as securities.
In testifying before the Senate Finance Committee in October 2013 speaking about tax receipts etc. Secretary Jack Lew explained why he needed the Congress to agree to increase the Federal debt limit—and why the Treasury has no choice but to constantly issue new debt.” states Secretary Jack Lew. He goes on to say that “Every week we roll over approximately $100 billion in U.S. bills,” Lew told the committee.
Mr. Jack Lew states that “If U.S. bondholders decided that they wanted to be repaid rather than continuing to roll over their investments, we could unexpectedly dissipate our entire cash balance.”
See http://www.c-span.org/video/?315548-1/treasury-secretary-jack-lew-debtlimit and for ease of access and brief showing
see http://cnsnews.com/mrctv-blog/terence-p-jeffrey/ponzi-treasury-issues-1t-new-debt-8-weeks-pay-old-debt on how shall the United States meet its financial obligations.
According to the U.S. Securities and Exchange Commission they define “roll over” in the following statement. “Keep in mind that Ponzi scheme promoters routinely encourage participants to “roll over” …”. This is under the section “Difficulty receiving payments. Be suspicious if you do not receive a payment or have difficulty cashing out your investment.”
See http://www.sec.gov/answers/ponzi.htm
View Due Diligence I.O.U. Ponzi Scheme
