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Peter Schiff On The Debt Ceiling Delusions | Zero Hedge

Peter Schiff On The Debt Ceiling Delusions | Zero Hedge. (FULL ARTICLE)

Submitted by Peter Schiff via Euro Pacific Capital,

The popular take on the current debt ceiling stand-off is that the Tea Party wing of the Republican Party has adelusional belief that it can hit the brakes on new debt creation without bringing on an economic catastrophe. While Republicans are indeed kidding themselves if they believe that their actions will not unleash deep economic turmoil, there are much deeper and more significant delusions on the other side of the aisle.Democrats, and the President in particular, believe that continually taking on more debt to pay existing debt is a more responsible course of action. Even worse, they appear to believe that debt accumulation is the equivalent of economic growth.

If Republicans were to inexplicably prevail, and the federal government were to cut spending so that its expenditures matched its tax revenues (a truly radical idea) the country’s financial mess would be laid bare. The government would have to weigh the relative costs and benefits of making interest payments on Treasury debt (primarily to foreign creditors) or to trim entitlements promised to U.S. citizens. But those are choices we will have to make sooner or later anyway. In fact we should have dealt with these issues years ago. But generations of mechanistic debt ceiling increases have allowed us to perpetually kick the can down the road. What could possibly be gained by doing it again, particularly if it is done with no commitment to change course?…

 

Then What? | KUNSTLER

Then What? | KUNSTLER.

A theme in my 2005 book, The Long Emergency, was the counter-intuitive idea that the federal government, rather than becoming the omnipotent Big Brother Moloch so many feared, would instead spiral into impotence and become too incompetent and ineffectual to run everybody’s life. Another theme was that the USA was entering a political impasse comparable to the years that preceded the civil war, with many of the same old grudges playing out in disguise. What we’re seeing is an empire that had grown too quickly to even acknowledge it had become an empire, enter, just as quickly, the throes of contraction.

Hence, the great unacknowledged task before the leadership class is managing contraction. The radical Republicans, even in their Jeezus-driven transports of Dixieland retribution and John Bircher paranoia, come a little closer to recognizing the situation than the Democrats with their Leviathan problem — their nanny-state grandiosity. So, those red state radicals are gonna run that ole ‘possum up a gum stump now and see what happens…

 

Immigration Bill Trojan Horse For Biometrics

Immigration Bill Trojan Horse For Biometrics.

 

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