May 28, 2011
– Comments (7)
I have to clap!
government austerity will result in a recession or worse if aggressively implemented. The US does not have a debt problem and in fact, can't. It can only have an inflation problem.
More on this later, once decaying ETFs are thoroughly discussed.
Abit, I'm so glad you posted this speech, which I had meant to do after viewing it Friday. If a young nation ever faced a momentous crossroads, this is it.
Checklist, whether you recognize it or not, we are in the midst of a great depression that has been temporarily held at bay by monumental stimulus and liquidity injections. Austerity would not "cause" a recession/depression, since that ailment has already been caused by the same dark corners of our financial system that made a distinct lack of austerity such an overriding policy imperative. To suggest the U.S. does not have a debt problem is lunacy, but by all means, feel free to state your case in a separate blog post.
checklist, your suggestion that "can't" have a debt problem is based on the flawed notion that the rest of the world will continue to happily swallow our debt.
We are Greece.
We are ancient Rome.
We are Imperial Great Britain.
We are doomed if we don't take practical measures.
We have a placed a burden on the next generation that they can't possibly carry.
The thought that this country is so powerful that we can spend beyond our means into infinity is as flawed for a nation as it is for an individual.
Sad and scary but true.
I think if Ron Paul were President, he would have the guts to veto every bit of spending he thought was unconstitutional. It might even be enough to pull us back from the brink of disaster.
Remember the Great Depression of 1920-1921? No. You don't because what started out worse than what happened in 1929 was handled by austerity for government spending and a hands-off approach to the rest of the nation's affairs: "doing nothing". We were out of it in no time. The Great Depression, in contrast, was made great by a government that tried a bunch of different programs, hoping some would stick, because it was afraid of being seen as "doing nothing" even though that's what worked before and would have worked then.
Government operates by force. Force is inefficient and often immoral. It is more often the cause of problems than the solution to them. Cutting government spending will remove barriers and hindrances that the free markets face in coming up with real solutions. Let's try Liberty again, please.
Thank you, abitare for posting the speech. Unfortunately, the Destroyers continue to be in power and continue to do their destruction. The only things keeping the U.S. economy afloat are the remnants of the free enterprise system. A system which continues to be sabotaged by Congress and the Obama administration. Until we have regime change, we should expect more of the same.
here is the speech with full text and hyperlinks for more info on everything talked about here.
furthermore, it's hilariously obvious that checklist34 did not watch the speech. it is 5 minutes discussing powers of the executing branch and war making, and about 2 seconds on debt. what a clown.
David in Qatar