Anatomy of a Debt Crisis

"...I have hinted at in previous writings that the only politician in history who has ever in fact understood the nature of a Debt Crisis and came up with practical solutions, was Julius Caesar (100-44 BC).

Nevertheless, there was intense political corruption, and those who have been mistakenly hailed as hero’s against tyranny such as Marcus Porcius Cato (or Cato the Younger) (95-46 BC) and Marcus Tullius Cicero (106-43 BC) have taken credit that they do not deserve and have confused countless generations attempting to present Caesar as a dictator lusting for personal power. To set the record straight, a “Dictator” in Roman times was a political appointment that was a power in times of national stress where the Senate would appoint an individual to deal with a situation that the power was granted in one year intervals. Cicero himself asked for the same powers and was so granted. Today, we have the same system, but we call it “Marshall Law” where the President can be granted that same power that suspends the Constitution and individual rights. The only way to understand history and events, is not to only listen to the words written by contemporaries, we must review the actions of men, for that reveals what words often overlook. What I am about to discuss to many will be a shocking revelation of history. But let me state now, what Caesar faced, we now also face. The corruption of the Republic of Rome is widespread today as well. If we understand the mistakes of the past, we can escape the same outcome, or choose to repeat events..."

This is a long historical review.

A bit further from Armstrong's writing:

"...The only way out of this mess is not to guarantee everything and [not] pour in money into the system through the creation of debt. We need someone like Caesar who takes the unbiased road and cuts down this beast we have created. Borrowing is more inflationary than printing because it pays interest and that necessitates borrowing even more to roll the debt. There is no plan to ever pay anything off. We are in a debt spiral from which there is no escape other than default or monetize. We are going to have to think out of the box to save the world as we know it.

It is the interest expenditures that are the critical component destroying society. It has absolutely NOTHING to do with what we call money! Any “standard” that attempts to fix the value of money is merely a version of communism. We must realize that money and assets are on opposite sides of the seesaw.

"Currently, we spend $4 billion per week in interest. That will hit $10 billion by 2016 and $15 billion by 2020 without a rise in rates. We are in a perilous economic state..."

Granted that Armstrong was kept in prison under HIGHLY dubious circumstances from 1999(?) through whenever he was released, that does not excuse this lame and exceptionally long-winded and biased analysis of the history of the later days of the Roman republic.

C.I.Caesar had plotted throughout all his life to become ruler of Rome, and succeeded, despite not having ever bothered to run for the Consulship. Any other questions, Martin, dear boy?

Merely another thoroughly time-wasting attempt to rewrite history, no more and no less. I believe I'll stick with Plutarch's and Porcius Cano's versions, thank you very much.

” The corruption of the Republic of Rome is widespread today as well. If we understand the mistakes of the past, we can escape the same outcome, or choose to repeat events...”

There is no reason to suppose the mistakes of the past will not be repeated with the same outcome. Human nature and limitations has not changed nor has the basics of economics.

What is consumed must be paid for by what is produced. If all that is produced is consumed with nothing saved for future production then there will be no meaningful future.

The only way to escape the economic fate we are facing is for all conservatives to move to a state like Texas and secede from the union.

I believe Texas was promised the ability to secede or split into multiple states in order to get them to join the union.

Rick Perry, are you listening :-)

(Only a Gingrich would have the balls for such a move)

"Today, we have the same system, but we call it “Marshall Law” where the President can be granted that same power that suspends the Constitution and individual rights."

Where does the Constitution allow for dictatorial powers? I don't disagree that Hussein has moved in that direction, but no provision allows for the assumption or grant of peacetime executive, legislative and judicial powers in one man.

Caesar had plotted throughout all his life to become ruler of Rome, and succeeded, despite not having ever bothered to run for the Consulship.

Caesar not only ran, he was elected consul in 59.

It was a crooked election, but then they all were by that time, and it was crooked on all sides.

The best description I've heard of the later Roman Republic is that the government had been captured by a mafia of aristocrats. They ran the government in their own interests and used State resources to fight their own private wars. The system was utterly unsustainable and WAS going to collapse.

The only real question about Caesar is whether he was out to gain ultimate power for his own aggrandizement or because he saw that a monarchy was, given what was possible at the time, the only way to "save" Rome. Or possibly a combination. He was killed before he could really tip his hand one way or the other.

That the Republic was utterly unsustainable can be seen by the way no serious attempt to return to it was made after Augustus took power. It had totally discredited itself, much as communism totally discredited itself in Russia. Nobody believed in it any longer, so it fell apart.

Sherman, my apologies. You are quite right, of course -- on both points. I mentally (and wrongly) discounted the "election" of 59 BC, which was ridiculously corrupt, featuring Crassus' toadies handing out sesterces at most (all?) polling places and considerable (alleged, at least) shenanigans with the ballot counting.

I am not at all persuaded that Julius had any intention of "saving" what was left of the Republic, but that notion in any case became moot upon his death and the ascension of Octavius and his cronies.

Armstrong's piece lost its credibility with me initially with his characterisation of Cicero as a "flake". Talk about rewriting history, good grief!

After JC’s assassination, his heir Octavian did not immediately ascend to supreme power. The politico-military power struggle continued unabated for more than a dozen years, devastating Rome and many other areas of the empire.

Octavian was not initially considered a player in the game, but rather a pawn to be exploited by real players. He, of course, surprised everybody by being more competent, treacherous and cruel than his opponents.

I never claimed (that I recall, anyway) that JC wanted to “save the Republic.” He seems to have been as clear-sighted as his nephew and adopted son and probably realized the Republic was dead.

I suspect what he wanted to save was “Rome,” perhaps in much the way Augustus did, preserving many of the forms of the Republic while completely changing its basic nature.

As you say, we will of course never know what he had in mind. Personally, I believe he probably did want to become King. Possibly the way this ambition turned out for him acted as a salutary warning to Octavian to aspire to the substance of kingly power rather than the title.

Per the election, it is fair to point out that all sides cheated with great enthusiasm. The only real difference is that Caesar’s supporters cheated more effectively.


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