So let's cut the crap - we are in a Depression right now. We are pretending we are not, just like you can pretend you didn't really lose your job so long as your credit card does not reach its limit. We have been in that depression for about 18 months and there is no evidence that we will exit it, as we have yet to find a way to pull back the deficit spending without an instantaneous collapse in the economy.
Yet at some point we must and will stop. We will either do so of our own volition, or we will do so when the cost of borrowing skyrockets, as others get tired of funding our profligacy. If we attempt to "print" our way out of it the cost of petroleum products will shoot the moon and destroy our economy anyway.
You haven't seen the half of what happened though - not yet. It appears that AIG - the company we have bailed out (thus far) to the tune of some $100 billion plus, in fact isn't done. It appears they may have written credit protection on Greece. If this allegation by the German equivalent to The New York Times is true Americans are going to be asked to pay billions of dollars - or more likely, hundreds of billions (since Greece is almost certainly not the only place - try Spain, Portugal, Ireland, etc) to bail out a bunch of FOREIGN NATIONS.
Do you both think Americans can and will pay that bill? A bill that has been forced on us, and yet benefits not The United States economy, but foreigners?
Wars - big wars - start over much less, my friends.
And as they say in infomercials: But WAIT. There's MORE.
A recent Rasmussen poll disclosed that only 21% of the voters in this country believe that the government enjoys the consent of the governed. Put another way, only 21% of the voters in this nation consent to what Washington is doing.
More ominously, 61% say the government does NOT have consent. The remainder (18%) are not sure.
May I remind you that in 1776 less than that 21% of the population (19%, actually) were loyal to Britain?
If you do not believe this nation is wound tighter than a clock spring, you need to have that Thorazine dosage checked again.
You are in denial.
After denial comes anger, then bargaining, and finally acceptance.
Let's not do anger on a mass scale in this country, ok?
Neither I or my daughter will appreciate it if it happens; shall we skip that and go right to "acceptance"?
I've perused a lot of the entries on Mr Karl Denninger's blog The Market Ticker. I believe he uses sound reasoning on provable facts and reaches defensible conclusions that should scare the hell out of every one of us. Therefore, I am adding him to my blog roll under the nom d'catastrophe Cassandra. I fear no one will listen to him until it's too late either.
Go read some of his work.
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