Congress warned about debt; U.S. advised to gain control [of its debt or become a "banana republic"]

The Washington Times ^ | 2009-01-16

[rabscuttle385]

BY DAVID M. DICKSON

The United States will "look like a banana republic" unless it gains control over its budget deficit and federal debt, economist Allen Sinai warned Congress on Thursday.

"The deficit and debt prospects under almost any scenario are daunting," Mr. Sinai, chief global economist for Decision Economics Inc., told the Senate Budget Committee. "This territory is uncharted, with no real historical analogue to this kind of financial situation for a major global economic power."

Asked by committee Chairman Kent Conrad, North Dakota Democrat, whether the U.S. government's creditworthiness is at risk, Mr. Sinai replied, "Unequivocally yes."

. . . . .

Over the next 10 years, debt will be rising faster than GDP, burdening future generations with interest costs and debt repayment that almost certainly will lead to much-diminished U.S. economic growth and a reduced standard of living, Mr. Sinai warned.

"A step down the line of diminished economic power and wealth has been taken," he said.

[ellery]

When and if society, law and order break down is when they will come after our weapons in the name of law and order. That is the time we must resist and will. The future of the nation will rest on two groups. 1. The private citizen with a weapon is the first. 2. The army and national guard is the second. If the military obeys the Constitution they will not fire on citizens with weapons and liberty will prevail. If the military remains intact and will obey orders to disarm the public, then all is lost. I would suspect that enough soldiers would refuse and go awol to reduce the military to a non functioning enity.

There's a third group: increasingly militarized police forces. My guess is that the majority of the military would not attempt to unConstitutionally disarm private citizens. Civilian cops with military-style weapons and training? I think many would try to disarm us in an instant.

[grey_whiskers]

IF it came to such a dire eventuality...

All it'd take would be one rogue nuclear missile wing, or one boomer, to put an end to the nonsense.

God willing it will never come to that.

[grey_whiskers]

My guess is that the majority of the military would not attempt to unConstitutionally disarm private citizens. Civilian cops with military-style weapons and training? I think many would try to disarm us in an instant.

If it came to that, rogue elements of the military would step in and slaughter them.

God forbid that it should ever become necessary.

[April Lexington]

Interesting how the communists among us figured out that they can just spend the USA into destruction. No need for invasion, guns, riots, etc. Just borrow like crazy and feed the fat bastards into slavery.... Brilliant, Vladimir! Just brilliant!