[FoRK] Republicanism as Religion

Gregory Alan Bolcer greg at bolcer.org
Thu Sep 15 10:22:24 PDT 2011



On 9/15/2011 9:52 AM, Gary Stock wrote:
>
> And there are many political currents -- articulated in those articles,
> by the people intentionally manufacturing them -- that more fully
> explain reality than any pretense that "it all happened before." The
> United States of America has not faced such a severe existential crisis,
> at the hands of its own citizens, since our Civil War.

I probably agree, but I'm guessing we disagree on what the cause is and 
what is the effect.

In response to the cause, the debt to GDP ratio in 2001 was 56.4%. It 
just hit 100% in August.

If you keep borrowing $X, spend it in a year and say you are going to 
pay it back over 10 years and then do the same thing next year and the 
next--there's not enough 10 years to pay it all off.

At some point you only have 3 choices:
1) Pay down the debt (GOP2004 + Clinton)
2) Default on them (London Riots + WW III)
3) Inflate them away (DNC2008 + Obama)

Greg

-- 
greg at bolcer.org, http://bolcer.org, c: +1.714.928.5476


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