giving politicians the ability to borrow...

[tomtucson]

giving politicians the ability to borrow is like giving a teenager a bottle of whisky and the keys to a Corvette

Article on gov debt and how it will be defaulted on one way or another - most likely by destroying our currency through inflation

http://www.lewrockwell.com/casey/casey57.1.html

Great quotes!

To start with, once the U.S. government defaults on its debt, people will think twice before lending it any more money

giving politicians the ability to borrow is like giving a teenager a bottle of whisky and the keys to a Corvette

A second reason is that the debt is an albatross around the necks of the next several generations; it's criminal to make indentured servants out of people who aren't even born yet

A third reason would be to overtly punish those who have been lending money to the government, enabling it to do all the stupid and destructive things that the government does with that money.

 

[Tony Shelton]

Our country is going into a cash period.

The banking industry has been bolstered by the government for too long. That is why we are given tax credits to borrow.

The mortgage interest tax break is the equivalent of the government deciding that we don't have enough work, so all pressure cleaning is tax deductable, thus falsely boosting our income as if we actually earned the business.

I understand that this is a method to get people to spend money and "create" jobs. But it can only go on for so long before the bubble bursts, as it is beginning to do now.

If the Federal government was limited to what the constitution allows it to do our federal income tax could be 2% just like it was in the beginning. Our state tax would be much higher, but we could keep a handle on it because it is more local and the local politicians are more accountable to the local constituents.

 

[Ron Musgraves]

Our country is going into a cash period.

The banking industry has been bolstered by the government for too long. That is why we are given tax credits to borrow.

The mortgage interest tax break is the equivalent of the government deciding that we don't have enough work, so all pressure cleaning is tax deductable, thus falsely boosting our income as if we actually earned the business.

I understand that this is a method to get people to spend money and "create" jobs. But it can only go on for so long before the bubble bursts, as it is beginning to do now.

If the Federal government was limited to what the constitution allows it to do our federal income tax could be 2% just like it was in the beginning. Our state tax would be much higher, but we could keep a handle on it because it is more local and the local politicians are more accountable to the local constituents.

When will it stop?