"Now we know that Gov. Romney’s tax plan does not call for a $5 trillion tax cut. Which means that we now officially know nothing at all about Mitt Romney’s tax plan....Does anyone really think that either presidential candidate can do anything about taxes or spending without working something out with that herd of cats in Congress? Does anyone really think that taxes or spending policy even matter so long as the Fed has promised to keep interest rates at Zero and to buy as much of our debt as is necessary to keep interest on our debt at Zero?The only reason we had balanced budgets under Clinton was the "bond vigilantes" who drove up rates and increased debt service costs - scaring the you-know-what out of Clinton and Congress. But bond vigilantes are powerless against a Fed that is willing to bid up the price of debt with conjured digital currency.Neither Romney, Obama, Pelosi, Reid, Boehner or McConnell or any of their cohorts or adversaries can or will fashion anything close to a rational fiscal policy for this nation until Ben Bernanke increases interest rates and stops buying up all the US debt.If someone wants to ask when the US will get back to a balanced budget, ask Ben Bernanke.
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