Posted on 04/07/2021 7:10:34 AM PDT by SeekAndFind
Writing an article about the national debt is ridiculous. Nobody will read it, fewer will understand it. And those who do will have a knee-jerk reaction to it. It matters or it doesn’t matter.
The Paul Krugman school of “guilt-free spending” envisions the devil on politicians’ shoulders whispering in their ears to “spend, spend, spend.” The angel on the other shoulder that’s supposed to whisper “no, no. no” has fallen asleep. There are few constraints on spending and any old fuddy-duddies who make a stink about multi-trillion-dollar bills are dismissed as cranks or party poopers.
For going on 40 years, doomsaying fiscal hawks have warned that piling up the national debt will lead to runaway inflation — Venezuela on steroids. But so far, the warnings have not become reality. And after running up a national debt that exceeds the gross domestic product for the first time since World War II, and routinely running trillion-dollar government deficits, all the doom and gloom predicted for overspending has failed to come to pass.
But John Cochrane, an economist at Stanford University’s Hoover Institution, makes the point that the debt doves must be right 100 percent of the time while the hawks fear being right only once.
As a fiscal hawk, Cochrane acknowledges that his doomsaying has been wrong for the past decade, but he says that doesn’t mean he’s wrong now.
“I live in California. We live on earthquake faults.” Cochrane says. “We haven’t had a major earthquake, a magnitude nine, for about a hundred years.” It would be foolish to consider someone a doomsayer for preparing for an earthquake in California, he says, despite the fact that major earthquakes aren’t a common occurrence.
“That’s the nature of the danger that faces us.
(Excerpt) Read more at pjmedia.com ...
CLICK HERE TO SEE THE US NATIONAL DEBT CLOCK IN REAL TIME AND EACH AMERICAN’s SHARE OF IT:
Since our political class is unresponsive to the people, I sure as hell don’t give a flying copulation.
Nobody cares about not making their house payment until the sheriff shows up with the eviction paper.
And that equivalent is coming to all of the “first world” economy. It comes in various forms. The last time it happened was September 1, 1939.
I would love to see the “goodwill” entry on the Federal Reserve balance sheet. /s
The bigger question is is money real?
I assert that it is not an only from this perspective
The Bible
I think a lot of people accept that the USA is doomed and are just waiting for whatever comes next.
The end is near and it’s gonna be awesome. Kevin Williams wrote the book by that title. the book was not awesome.
Washington and the country has figured out that we can print to heart’s desire without fear of inflation, because there’s no other currency to challenge ours. Printing only creates a debt to the treasury, which is “us”, so no pressure to repay.
I just wrote a check for $300k to pay off my debt and yes I threw in a little extra. The fact I don’t have that in my checking account is irrelevant... I’m just mimicking government.
Anyone need a loan I’ll write checks out with negative interest as well.
Unresponsive?
No, our is a nation of credit abusers and, should be no surprise, with a government that abuses credit too.
Fools will elect other fools.
Can I buy split pea soup with money I get loaned by you?
RE: I just wrote a check for $300k to pay off my debt and yes I threw in a little extra. The fact I don’t have that in my checking account is irrelevant.
One big difference — you can’t print money. The government can and will as long as the world still wants the useless paper.
The debt is no concern anymore. It is held generally by London Banksters, the DS, the Cabal. It’s purpose is to enslave the US and many other countries.
The FED is going down, and with it the $100T to $200T in unfunded liabilities or debt. Much of it due to war, setup by the DS, which funded BOTH SIDES, to make more money, of many, if not all, of our wars. I’m leaning towards ALL!
But, do not fret. Be optimistic for a precious-metals-backed currency. Called NESARA, in brings in QFS - Quantum Financial System. It was tested, perhaps even initiated, a few weeks ago - remember the day the FED was completely down?
Exactly, I mention this all the time. The confederacy monetized the Civil war and inflation was 1700 percent. We have numerous instances. I tell people when I was growing up you could buy a gallon of gas with a silver quarter. You still can can. Actually a gallon of gas is cheaper today even at $2/ gallon. The inflation tax hurts the poor the most.
I'm not a credit abuser and I can't print my own money, unlike our elected political lobbyists posing as politicians.
I stopped worrying about the debt when I realized it wasn’t our country anymore.
I was refering to the rise of Hitler to power in Ge4many. When Hitler came to power the $1000.00 mrark note was noyt printed on one side, it wasn’t worth printing on two sides.
On a side note, it may not make you rich, but this is why PM’s are a good inflation hedge.
The only time either party cares about the debt and deficit is when the opposing party is in the White House.
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