What the heck, we can't keep Fibbing forever

This excerpt is from Kaimu, a fellow Hawaiian, posting on Bill Cara's blog which is the first blog I ever read.   Cara is top notch, but stressed by recent market behavior and manipulation.   Who isn't?   I got a solid 7 hours sleep, great sleep, and by the end of Friday, I was, well fried by everything including market shenanigans.

On June 30th, Wednesday, the US PUBLIC DEBT as subject to STATUTORY LIMITS flew past $13TRIL in a mighty MOONSHOT! Now this is different than the DEBT CLOCK, which has already reported numbers past $13TRIL, because the Statutory Limits apply at the US TREASURY, not the CLOCK. I have been eying this flirtation with $13TRIL USD for a month or so and there has been this "dance" right up to $13TRIL and then back down. A month or more of this ... Well finally the $13TRIL mark was broken with a one day $166BIL MOONSHOT to $13.15TRIL. That is the most I have ever seen the US PUBLIC DEBT move up in one days time. Prior BIG DAYS was around $80BIL USD. This day, on June 30th, was DOUBLE the past BIG DAYS! More than DOUBLE!!
The "redemptions" just completely broke down in the face of yet another big weekly $111.2BIL USD debt issuance on June 30th, whereby redemptions only covered $33.2BIL. Every week there is this $110BIL+ debt issue, usually every Wednesday or Thursday. This is the same debt issuance that Niall Fergusen has spoken about recently that will collapse the US TREASURY within two years.
LINK: http://tinyurl.com/252ktzx
Monetary history is replete with debt destroying confidence in currencies. If anyone should know about that phenom its Niall.
Could that have anything to do with the USD crash of late? I mean seriously, with days like June 30th and every seven weeks the US TREASURY prints up way more than a new TARP($700BIL) is the USD and, more to the point, the "debt derivative" really a "safe haven"? Its an IOU for Christs sakes! Its never been anything more than that and it will never be anything more than that, but the safe bet is that it will be much less than an IOU in the future because it will be an IOU ZERO!
So lets now go over and take a "look-see" at how much REVENUES came into the US TREASURY in order to pay for all those outlays, which were recorded at $70.4BIL, along with the $111.2BIL in new debt, Treasury Notes to be exact. Hummmm ... okay gross tax revenues minus refunds equals a "net" tax revenue of $8BIL USD on June 30th. Are tax revenues useless or what? My God ... $8BIL is a pimple on an elephants ass at the US TREASURY! Income tax is a complete waste of time! Anyone who says any different needs to step up to the plate and explain why income tax matters in the face of this much daily debt and out of control spending. Why? Where is the benefit? I'd love to be convinced there is a benefit ... Yep, that's me asking ...
The C WORD is approaching, warp speed, Captain!