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Vox Day - We are out of money

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May 31, 2009 – Comments (16) | RELATED TICKERS: GS

Vox Day has a good write up here:

We are out of money
Steve Scully, C-Span: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

Obama: Well, we are out of money now.

The United States has been an empire in decline since the 1970s. As has been the case with every other declining world power in history, there are a variety of reasons for this decline, which is why there are no straightforward solutions for reversing it. In looking at the situation, however, it is clear that there are a number of contributing factors that are more important than others. Among them include:
1. The abandonment of constitutional money

2. The expansion of the voting franchise

3. Global military aspirations

4. Transformation of the labor force

5. Mass immigration

According to the U.S Constitution, only "gold and silver Coin" can be tendered by the states in payment of debt. Since the states are explicitly barred from coining money but the federal government is expressly permitted to do so, it is obvious that the only constitutional money is gold and silver coin, regardless of what government employees have subsequently decided. Moreover, unlike the present Federal Reserve notes, constitutional money has held its value; whereas the value of an FRN has lost more than 95 percent of its value in 96 years, the first U.S. silver dollars minted in 1794 have increased in intrinsic value, being worth 11.38 times what they were initially valued 215 years ago. Since its ability to store value is one of the four major properties of money, it's abundantly clear that the abandonment of constitutional money has come at great cost to the nation.


The expansion of the voting franchise has exacerbated the problems created by the switch to a monetary system more susceptible to manipulation. The reason the Founding Fathers created a system of strictly limited democracy was because they knew its historical flaws and wished to prevent the larger part of the masses from having a voice in their governance. The expansion of the franchise to include many parties historically denied the vote has had the inevitable, and expected, effect of permitting society's non-productive members voting themselves the right to obtain wealth transferred from society's productive members. The important point to understand here is not what one might think of the desirability of either equality or wealth redistribution, but rather its long-term sustainability. While history shows that a moderate amount of wealth redistribution is sustainable, it increasingly tends to indicate that democratic equalitarianism rapidly increases that amount to unsustainable levels.

While the global military actions of the United States initially contributed to its post-World War II prosperity, as the destruction of European and Asian manufacturing capacity gifted the U.S. economy with two decades of competitive advantage and expanding markets, since then they have been a serious drain on the nation's coffers as well as a spectacular malinvestment of human and capital resources. The genuine side benefits of defense research fall far short of making up for the decades of opportunity costs they have engendered in terms of wasted talent and investment.


http://www.worldnetdaily.com/?pageId=43&authorId=170&tId=8

MY COMMENT:

IMO, the article is mostly a common sense review of the US decline. It is not new information or a profound disclosure. However, I would guess not 10 in a 100 Americans would be able to discuss the above issues with much depth.

Case in points:





16 Comments – Post Your Own

#1) On May 31, 2009 at 10:49 AM, abitare (88.86) wrote:

FYI - 

 

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#2) On May 31, 2009 at 1:45 PM, kdakota630 (29.78) wrote:

abitare

Do you (or anyone else reading this) honestly think most Americans are that stupid?  Perhaps I'm being naive, but I'm just not that cynical.  I doubt that had to do much editing, but I'm sure when they found someone who could answer some questions intelligently, the moved on until they found a dummy they could exploit.

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#3) On May 31, 2009 at 3:06 PM, RonChapmanJr (58.45) wrote:

"The United States has been an empire in decline since the 1970s."  As has been the case with every other declining world power in history, there are a variety of reasons for this decline...

Roe v Wade - 1973

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#4) On May 31, 2009 at 3:26 PM, abitare (88.86) wrote:

kdakota630,

Most Americans/people are not stupid.  Most are poorly informed, disinformed or do not care.  Faux News exists for a reason and it is not to keep the masses informed of real news.

I am also not saying that people are smarter in other countries. However, I would say in small countries they pay attention to what is going on in the US more then most Americans do, because it impacts them. 

If you sat most people down and explained things to them, they could grasp it.... 

The internet is changing things rapidly.  

Here you go Carlin gets here:

http://www.youtube.com/watch?v=UaS2bRGS86c 

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#5) On May 31, 2009 at 5:33 PM, kushme (24.89) wrote:

Citizenship needs to earned not given away anymore. Just because your born here doesn't give you the right to be called a citizen.

New rules:

At least one parent must be a U.S. Citizen in order to give you any basic rights entitled to real U.S. citizens.

School is free, right? You only get voting rights if you graduate high school. At least the voters will have some sort of education, this will also take care of the drop-out rate.

Can't finish school or get the GED, then voting rights are earned through military service.

Immigrating from another country:

Requirements - you have a skill that is in demand and not met by current supply because of lack of qualified experience.

You take and pass a citizenship and renounce all allegience to your former country.

Everyone else waits in line like.

The illegals in the country already get no free services, no free money and no hand-outs. We deny them places to rent, we fine and criminalize people who employ them. We bar their children from school. We make it miserable to to be a illegal immigrant in this country.

 

Any questions?

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#6) On May 31, 2009 at 5:51 PM, DowTrader (48.00) wrote:

 

"Any questions?"

 Yes.  Where did you learn to write...badly?  I think you're an example of stupid Americans Abitare mentions. 

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#7) On May 31, 2009 at 9:18 PM, portefeuille (99.65) wrote:

I once listened to an English class at a U.S. high school ("juniors"). They had to check whether sentences (in English, from a list!) was "complete" or "incomplete".

1) If I would have been given that task at my German school in 5th grade (10 year olds) I would have left the class taking that as an insult.

2) The ratio of correct answers was around 50%.

3) They usually could not give a reason for their answers (at least not one that made any sense ...)

Feel free to find mistakes in what I write here. I do not claim to be very proficient in the English language ... 

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#8) On May 31, 2009 at 9:19 PM, portefeuille (99.65) wrote:

They had to check whether sentences (in English, from a list!) was "complete" or "incomplete".

They had to check whether sentences (in English, from a list!) were "complete" or "incomplete".

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#9) On May 31, 2009 at 9:20 PM, portefeuille (99.65) wrote:

3) They usually could not give a reason for their answers (at least not one that made any sense ...)

3) They usually could not give a reason for their answers (at least not one that made any sense ...).

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#10) On May 31, 2009 at 10:37 PM, russiangambit (29.37) wrote:

> kdakota630,

Most Americans/people are not stupid.  Most are poorly informed, disinformed or do not care.  Faux News exists for a reason and it is not to keep the masses informed of real news.

--------------------------------

I have a funny story to tell along the same lines. Our nanny is from Ukraine. So, 3 days after she arrived she asks me, - what is the TV news channel here? I tried CNN that you suggested and they keep talking about the same thing over and over again (in that case it was one of Obama's speeches)  and they don't talk about the rest of the world at all. On that paticular day there was some major news in Europe ( I forgot what it was now), it was never even mentioned in the US .

 

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#11) On May 31, 2009 at 10:48 PM, portefeuille (99.65) wrote:

I tried CNN that you suggested and they keep talking about the same thing over and over again (in that case it was one of Obama's speeches)  and they don't talk about the rest of the world at all. On that paticular day there was some major news in Europe ( I forgot what it was now), it was never even mentioned in the US .

Even CNBC is somewhat more tolerable in Europe. Have a look at this (from here. Also have a look at the videos to get an idea and to see some "best of Hugh Hendry"!):

-----------------------------

I thought I'd bring a voice to you today from "over the pond" - during the many sleepless nights in 2008 as we watched government interventions on Sunday nights and awaited Asia's reactions to our form of corporate socialism, I watched a lot of CNBC Europe. It is like CNBC America except it's actually good. Segments are not broken into 2 minute shoutfests (apparently Europeans have longer attention spans) and the hosts have bright minds, wit, and challenge their guests. This is where I discovered Hugh Hendry, Chief Investment Manager, of Eclectica Asset Management. Quite frankly the difference between the Europe vs US versions are a direct parallel to how US Congress works versus UK Parliament: here, people give 2 minute speeches before voting to 90% empty Congressional hall with no challenges - there, even the Prime Minister stands in a room without prepared remarks, and has to answer critics/questions and think on his feet in an engaging atmosphere of direct confrontation. Ironic really. But I digress.

----------------------------- 

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#12) On May 31, 2009 at 11:19 PM, jatt22 (49.59) wrote:

hi . I  dunno why #5 bring this whole citizenship thing in his comment when the whole thing  was abt american debt and the knowing of american system by american pplz . i personally think  ott of 100 immigrants atleast 90 of them  bring good working skill's and fresh ideas and new hope  for this great country . but i do belive that most americans just dunno care abt world cuz untill few years back  it didnt affected their  lifes  probably now they start doing it .

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#13) On May 31, 2009 at 11:26 PM, portefeuille (99.65) wrote:

at least some of the stupid ones are friendly: 1

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#14) On June 01, 2009 at 12:42 AM, alexxlea (52.40) wrote:

Sadly enough a lot of people are that clueless. It's better that way for corporations and the bottom line, if you think about it. If everyone has the same tastes and no one questions anything, then it makes it that much easier to sell them stuff. With the money they don't have. So they can store it in the house they never owned.

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#15) On June 01, 2009 at 8:34 AM, dudemonkey (37.36) wrote:

Any questions?

I'd be happy to agree to these (natural born US citizen here) if they applied to people born here, too.  I've long been of the opinion that only members of Native American tribes should receive US citiizenship automatically.  To do it any other way means either:

1. everyone gets in, or

2.  no one gets in

I'd go so far as to make all natural born US citizens take a citizenship test.  I'd bet that 80% of the people with anti-immigrant  stances would wash out. I don't think it would help the country all that much, but the sweet delicious irony would probably be worth it.

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#16) On June 01, 2009 at 12:08 PM, portefeuille (99.65) wrote:

#15 and we would finally find out whether bush can read ...

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