printSince the crowning of Obama, Republicans have begun to cultivate a convenient awareness of the weight of the federal debt on the American economy.
Penned in February of 2007, my “Inflation 101 For Women Pundits And Other Tyrants” put the burden Dubya’s “national debt of $9 trillion” had placed on “America’s $12.98-trillion economy” in perspective:
As the American national debt stands, we would not be admitted into the company of socialists: The European Union. The EU expects member nations to hold debt below 60 percent of GDP.
Two years later, in March 26, 2009, Sen. Judd Gregg (R-N.H.) claims the same, and makes headlines in The Hill.
A little late, don’t you think?! (Where do you go for the truth years ahead?)
Unfortunately, the Republican “solution” to all problems economic is just to cut taxes (e.g. inflate & borrow as government grows exponentially) – the Democrats and their ideological allies make hay mocking the feckless Republicans. E. J. Dionne even attacks Obama for not being honest enough to increase taxes here: http://www.washingtonpost.com/wp-dyn/content/article/2009/03/25/ AR2009032502801.html. He writes ” But in the end, no politician (with the possible exception of libertarian Ron Paul) is willing to cut the budget enough to contain the deficit without a general tax increase down the road.” Sadly, I must agree with that sentence. Milton Friedman said the most important number was the size of the spending, not the amount of taxes or the amount of deficit. The 2009 debt is the size of the entire 2000 Clinton budget….. – Yes – it will soon be DOW 36,000 and HAMBURGER 37,000. Faster than a speeding bullet – is it a bird, is it a plane, is it Superman, no, it’s Bernanke’s Counterfeit Printing Press – whoosh! – and my retirement goes into the black hole of hyperinflation. Brother can you spare $50,000,000 to help a fella to a cup of coffee?
The treasonous plan is to destroy the value of the dollar and the United States financial system in order to implement a world currency that they can manipulate into further global tyranny and global poverty and financial slavery over all the ordinary people and mindless sheep; made easier by the treasonous and lying establishment news media complicity, and the plan to eliminate private ownership of guns. You all better buy as many assault weapons as you all can afford, before it is too late.
[Another man–Tom–who’s on the wanted list]
Myron is correct.
Professor Marc Faber said as much in a Barron’s magazine Roundtable discussion a year or two ago.
He was sitting at a table with a number of American money managers. (He’s Swiss, but lives in Asia). He told the assembled that the cup of coffee in front of him would cost a million dollars some day.
The others were more puzzled than stunned.
I say Faber was clairvoyant.