Posted on 07/27/2019 11:20:53 AM PDT by amorphous
Roman poet Virgil penned these words in his epic, The Aeneid, roughly a generation before the birth of Jesus of Nazareth. They can be loosely translated to, “the descent to hell is easy.” Those who’ve traversed this passage can attest to the veracity of this axiom.
Though not apparent in the milieu of Virgil’s poem, for our purposes today, we’ll extend its application to the insidious progression of currency debasement. What short utterance more aptly characterizes the steady degradation, as currently practiced by today’s church of state?
Yesterday [Thursday], for example, the House acted with untroubled ease to further America’s descent to hell. With little resistance, federal spending was increased and the debt ceiling was suspended for two years. Having delivered tomorrow’s curses, the nation’s Representatives can skip town without missing a moment of summer recess.
As you can see, the allure of getting something for nothing is far too enticing for even the most honest politician to pass up. And with an endless supply of fake money behind you, why stick your neck out and get clobbered? The public debt encumbered is already well beyond honest repayment. But that’s a problem for tomorrow; not today.
Representative government in America, circa now, has nothing to do with upholding individual freedoms and liberties. Nor is it about making tough decisions in the interest of the long-term health of the nation. It’s about doing the expedient – and suspending the debt ceiling so the descent to hell can be made as comfortable as possible. Wreckage from the Past
Rarely are people capable of understanding the full implications of a forthcoming catastrophe of their making. Perhaps, it’s not because they’re truly incapable of it. More likely, it’s because they’d rather ignore it.
Facing up to the facts of an unpleasant reality can be painful. It also implies a recognition that what one has been doing isn’t working. And that the arduous task of righting one’s wrongs must be initiated forthright.
Pursuing delusion, of course, is abundantly easier – for a time. However, as the wreckage piles up from the past to the present, the day of reckoning becomes much more ominous. There really is no escaping it.
Certainly, Congress is far from this recognition. Otherwise, they’d get serious about the nation’s fiscal doom, tighten their belts, reverse course, and suffer the immediate consequences. But that’s not what’s happening at all.
Instead, Congress is doubling down on their wreckage from the past. They’re blowing the debt out like there’s no tomorrow. The insanity of it, even for a casual observer, is near impossible to ignore.
For example, at the turn of the new millennium, the national debt was $5.7 trillion. By 2010 it had more than doubled to $13.5 trillion. By 2020, it’ll be over $24 trillion.
Hence, over the last 20 years the national debt has increased 320 percent. But over this same period, nominal gross domestic product (GDP) has only increased 100 percent. What’s more, this divergence stands to get much more extreme…
Realizing the Full Implications of the Forthcoming Catastrophe
When the next recession arrives, and Washington pulls out all the stops to counteract it with massive new applications of debt based stimulus, the debt will go vertical while GDP flat lines or contracts. These different trajectories will be reconciled by default or price inflation. Washington, no doubt, prefers price inflation.
The popular delusion of the 21st century is to assume the highest virtues of democracy. This faulty assumption propagates a dangerous archetype: the tyranny of the masses and its twin consequences, deficits and inflation.
Voters want a free lunch. They want their neighbors to pay for it. They elect stooges to office who promise massive social welfare, public works, and defense spending programs. Then, the hack economists advance an absurd theory – like Modern Monetary Theory – to deliver something for nothing.
The deficits mount up year after year, the currency’s debased year after year, until something gives. In short order, confidence evaporates and price inflation explodes. The country succumbs to political, economic, and cultural destruction.
Indeed, the descent to hell is easy. But Virgil also adds a lesser known corollary, “Sed revocare gradum, superasque evadere ad auras, Hoc opus, hic labor est,” which can generally mean, “But to retrace the way and return to the upper airs; this is the task, and where the mighty labor lies.”
Congress may still ignore it. The Treasury Secretary may still ignore it. The President too. But for more and more Americans the full implications of the forthcoming catastrophe are becoming painfully clear. That is, the realization that we are absolutely and utterly screwed.
Woohoo!
Sincerely,
MN Gordon for Economic Prism
Yea and anon, I do prithee, whither art thou forthcoming?
Could you translate that please?
Oh, so sorry, my fault, I was merely relishing the King James in the title of the thread.
You must retain faith that you will prevail in the end, regardless of the difficulties.AND at the same time…
You must confront the most brutal facts of your current reality, whatever they might be.
Good advice.
Words to LIVE by!
People have been complaining how deficits will ruin the country since the Carter administration. Deficits don't matter. The deficit hawks have been wrong for 40 years.
Are you really claiming that the hundreds of gigabucks (and rising) the federal government spends each year on debt service doesn’t matter?
Will it ever matter?
If so, when?
FReeper metmom -" Pay off all debt and make sure you have everything you need."
FReeper stig - "For example, at the turn of the new millennium, the national debt was $5.7 trillion.
By 2010 it had more than doubled to $13.5 trillion.
By 2020, it’ll be over $24 trillion."
"Facing up to the facts of an unpleasant reality can be painful.
It also implies a recognition that what one has been doing isn’t working.
And that the arduous task of righting one’s wrongs must be initiated forthright."
"Pursuing delusion, of course, is abundantly easier – for a time.
However, as the wreckage piles up from the past to the present,
the day of reckoning becomes much more ominous.
There really is no escaping it."
And yet, the incumbents keep voting to increase the national debt year after year.
From another posting(Brian Griffin ) - “If voting mattered, it would be illegal.” -George Carlin
Hat tip - metmom and stig !
I think even Trump has warned up an eventual debt bubble collapse.
We moved to the boonies because we felt something has to give somewhere and that we’ll see it in our lifetime.
Don’t know what it might be. If the dems get in control again, a lower standard for all. Well all but them. The whole carbon/climate thing. They’ll make it so most people won’t be able to afford to drive and the only food we’ll be able to afford will be staples, when/if we can find them.
If we prep, at least out here, we won’t feel it for a while and if I get us set up in time, we can be fairly self sufficient. Just need to get stocked up on those staples and things that are hard to produce on a small scale.
I’m torn on the SS thing. Might be best to get it while the getting’s good. We’ll see how things go.
Bottom center is “Unfunded Liabilities” 125 Trillion and counting.
Print Faster Dammit!
Buffet was wrong. There should be no deficit increase. There should be an effort to drastically reduce it.
We moved to the boonies but the hordes found it, too.
We’re going to take SS as soon as possible before there’s nothing left.
That’s right. There is much, much more to a nation than its economy. The USA is no longer a nation, in the classic sense. “Nation” derives from “natal” or “birth”. That is a nation means those of common birth. The USA has been invaded by foreign hordes since 1965, all in search of economic betterment rather than familial or cultural reasons. Diversity means war. This country will go the way of South Africa.
But 401Ks, IRAs, and everyone’s stock portfolio is perfectly secure, right?
Since no empowered group will even do the audit, there are no ‘things’ that can be identified as solutions. One thing is certain, politicians cannot and will not try to stop the hellward rush.
I think all of those things are gone already.
Same here, in a gun friendly state to boot.
I told mr. mm that I wanted to move before the 2020 presidential election and to buy our house while our money was still worth something and we could actually get a good deal for what we spend on it.
And we did.
Shhhh! Don't say that out loud Jim. Some people get very upset.
I know a lot of people who feel that way.
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