wealth out of thin air...magician or govt...no difference

I found this to be a very interesting comment after the article: "I could see the potential for a Khmer Rouge type uprising among our nation’s youth. If a young, charismatic politico arises and starts spouting a lot of what they are being indoctrinated with ( white privilege, baby boomer privilege, Cultural Marxism and socialism as the answer for true equality- to name a few) we may very well see a generational purge in the USA." - This hasn't occurred to me yet. But, is it possible? The antifa seem to be pro-debt, but also pro-violence. What if they are awaken to how they've been hosed? Sure, many of us guys in white shirts and ties can see it, but you don't see us busting out bank windows.

I'm going to protect/prepare my kids from the results of all this fiscal irresponsibility. I'm with you on this, Robert.

No private funds, or businesses could survive for a year using the accounting methods of the government. Base line accounting would do it all by itself. Washington is so crooked that it could straighten out a tornado.

There is no way to have fiscal responsibility and a central bank issuing fiat currency which is all debt plus interest. There is no way to balance the budget, all money in circulation is owed back to the Federal Reserve with interest. The principal could be repaid (there would be no fiat currency left in circulation) and the interest would still be owed. This kind of monetary policy guarantees that the future generations will always be indebted with no method of paying it off except by extinguishing the economy. It has been employed since the beginning of the country, the central banks have been exiled a couple of times only to return in 1913 and with so many 'economists' schooled in the fiat banking scheme in higher education any attempt to help them understand the difference between money (a thing of value) as opposed to a debt instrument is met with derision and slogans about how the corruption of debt, fiscal insanity and currency devaluation (euphemistically referred to as inflation) is the only way to make an economy work. Fiat systems always fail, I expect this one will too but it may be then replaced after monetizing the debt at the expense of the populace only to start the Ponzi Scheme again with a 'new and better system' of debt.

I wanted one thing: repeal of Obamacare. Not nonsense about "repeal and replace"-- just repeal. Did I get it? Not so far.

Accounting 101

"I have therefore found it necessary to deny knowledge in order to make room for faith."

Very nice, SLL!

I also picked up a new word: oleaginous. Don't know why I've never seen that before, with all the slick oleaginous politicians here and about.

It seems to me that the debt is never intended to be paid back. Perhaps we shouldn't look at as, nor call it, a debt. This government "borrowing" is really a re-distribution policy, primarily intended to pay for the government's expenses. Another way to look at it is that this is a tax, which results in devaluation of the currency. So, in reality, we really should stop calling it "debt," or "borrowing," but call it a tax.

posted to facebook...loved it...

It's an interesting idea: young people should be more concerned about borrowing since they will be the ones servicing more of it and for longer. It is not consistent with my experience. Older people are generally more in a mode of getting things squared away for kids, grandkids, and future generations. Younger people are more open to optimistic assumptions and think the return on whatever they do with the lower taxes and gov't spending will be higher than the yield on gov't bonds.

As an old guy on this issue, I'd like to think kids will demand fiscal responsibility. While they're at it I'd like to see them take action on global warming and expansion of Executive branch power. I am not optimistic, though, the pressure will come mostly from the young.