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Feb
5
United States Debt is Unforgivable
I continue to be stupefied by the number of people who actually defend the notion that the United States has its debt under control. This graph doesn’t denote any sort of control whatsoever — unless you believe “control” and “incomprehensibly stupid and irresponsible” are somehow related in meaning.
The United States is printing more money than ever in history. Global interest rates are at their lowest levels of all time. Every major economic power is jumping on board. Barack Obama has committed the world’s most powerful economic force to $24 trillion in expenditures.
Which part of “crisis” do you not understand? This isn’t a joke. This isn’t some academic exercise that we can simply debate our way out of. This is the United States dollar — the world reserve currency, and it’s failing.
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Disclosures: Paco is long TBT, UCO, and gold. He also holds U.S. dollars by necessity, pending the advent of private gold-backed currencies.
You can buy his novel Discipline wherever books are sold.
6 Comments so far
Partners
Its funny, I have friends that would look at that graph and if it was global warming, they freak, believe every bit of it and find religion. Tell them its debt and the ramifications of sovereign default, unrest, and the potential to shift the modern world into chaos, no big deal.
The stupidity is that people look at that graph and they believe stocks will rise exponentially as US debt rises thinking that debt is actually the fuel for growth. Ask them how's their salary doing?
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We will inflate our way out of it. I actually think President Obama has the political will to bend that curve back. By the end of his second term we could be running surpluses. So, after a few more years of credit contraction and simultaneous base money expansion, inflation will finally take off and incomes will go positive and start adding revenue to the federal coffers. As long as we keep the will and don't get a repeat of the Bush/Greenspan disaster, we should be OK in about a decade.
Yes, I know they will laugh at this comment.
I continue to be stupefied by the number of people who actually defend the notion that the United States has its debt under control.
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The stupidity is that people look at that graph and they believe stocks will rise exponentially as US debt rises thinking that debt is actually the fuel for growth. Ask them how's their salary doing?
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