Is The US Debt a Threat to Democracy?

humbapes ^ | 6/30/09 | JXB7076

[jxb7076]

The Industrial Revolution (1820-1870) ushered in significant advances in agriculture which resulted in an increased supply of food and raw materials. Developments in technology resulted in increased production, efficiency, profits, commerce, both foreign and domestic. Industries directly affected were textiles, coal mining, iron, transportation, and steam. The United States was second only to England in the production of wealth and export of goods. The American economy was strong and the dollar was gaining global recognition and nations were waiting in line for America’s exports and the American currency.

But this rapid growth began to decline around the turn of the century and America was on the path to becoming a debtor, instead of a creditor nation. The culprit - globalization, an area the United States wasn’t psychologically prepared for. Fast forward a few years and we now see the United States in economic peril, on the brink of economic disaster and owing more to rogue nations, putting limitations on America’s ability to spread and maintain Democracy around the world.

[oblomov]

No, not a threat to democracy. It is a threat to individual liberty.

[marron]

It is a threat to sovereignty. It is a threat to liberty. It is a threat to the economy itself.

And when your debt is denominated in worthless paper, it is criminal. Whoever prosecuted Madoff should be embarrassed; we should apologize and name him head of Fannie Mae. Or Treasury. Not fair that Dodd and Frank get reelected to office, the heads of Fannie get millions in bonuses for driving their institutions headfirst into the tarmac, and Madoff sits in jail for doing the same thing.

[jxb7076]

I totally agree!!! The most we can hope for is that the mandoff trial cause copycats to think twice.

[jxb7076]

So true!!