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What the heck is a "fiscal cliff?"

And what is a GDP tax?

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Karl Denninger on Capital Accounts

As Barack Obama and Mitt Romney prepared for their debates in the 2012 presidential campaign, they both proved to be out of the loop when it came to the debate. Their deficit plans lacked any kind of sound economics or money. They were interested in pushing through a secret tax on gross domestic product.

While they tried to stay intentionally vague, or admit that they didn't want to try to plan for too far in the future, the consequences would prove disastrous for the triumphant Obama's nontriumphant America.