now, the smart young man quoted in the following article from c.n.n. makes a telling point, although not the one that he thinks he is making.
he thinks that he is making the point that if the economy continues to grow it can "tolerate" massive government debt. in essence, he is saying the government is past the point where it can ever pay the debt off.
he hasn't considered the full implication of what he is actually saying.
and, what he is actually saying is that he anticipates the government of the united states will never pay its obligations. or, as wimpy put it in the popeye cartoons, when begging for payment on the cuff, "i'd gladly pay you tomorrow for for a hamburger today." in short, what he is saying, is that the government expects people to loan money to the government without any expectation on their part that the government will ever pay them back, in full.
consider that view in light of the greek financial debacle.
who on the face of god's little green earth is going to buy a bond instrument for the greeks? no private institution or person will, only governments who think they can tax their citizens to guarantee that which the greeks cannot in good faith. ("the greeks," e.g., the greek government, which "stands behind its bonds." that, btw, is a joke.)
worthless money after worthless money.
the u.s. government is now taking the position, if it cannot balance its budget, that the taxpayers will bail them out, time after time, just as the euro union has "bailed out" the idiots who run greece.
i saw an email being circulated the other day, postulating that each and ever american owes some $647,000 of tax obligation right now. on average. i have absolutely no idea if the figure has any "currency" at all, nor do i care that if it does the figure is grossly exaggerated.
what the below article means is that the figure, whatever it is, will never go down. whatever the figure, what the article means is that at some point not too distant, the taxpayers will loose their ability to bail out the government.
history has a solution for this. it is called revolution, or, in polite circles where people speak in hushed tones (yes, so that no one outside their circle will hear them, and understand), it is called "regime change." they hope to survive the "regime change," their privilege intact.
what they are saying, and what the below link is saying, is that collapse is inevitable.
"why the u.s. may never have a balanced budget again." by, lisa desjardins. c.n.n. radio.
we have seen the profligacy of a u.s. congress "trying" to balance the budget. god can only imagine congressional spending absent any constraint of even trying to do things right.
we are down the tubes. the only question is, how long will it take. i, for one, refuse to finance this nonsense ever again.
john jay @ 03.29.2012
p.s. on tonight's menu, garnished w/ orange sauce, the goose that laid the golden eggs. eat hearty. well, "heartily," i suppose. but, enjoy yourselves. it may be a while between meals, here pretty soon.
oh, yes, the bright young handsome boy knows that goose is on the menu, and he knows the collapse is coming. the only thing he doesn't know is if you are bright enough to understand that he has seen this coming for a long, long time, and that he has "prepped" for it even while encouraging you to put your money into the markets.
he is hoping that he gets a free pass on this, and that you will not hold him responsible, and hang his naked body by its feet from a lamp post, or a tree limb, if no lamp post is handy.
oh, and, our feckless boy wonder who "leads" things. the next time you have the native wit, or the courage, ask him about cloward & piven, and how the plan is going. he doesn't think that you are smart enough to either remember, or to figure it out. as a matter of fact, he is betting on it.