What Debt Ceiling?


CNN Article about Warren Buffet equating the Debt Limit to a “Weapon of Mass Destruction.”

http://finance.fortune.cnn.com/2013/10/16/warren-buffett-mpw/?iid=HP_River

My comment:

This is typical Progressive rhetoric, including all the FUD and some nuances that equate to basically the same thing. Threats, innuendo, “Give us a blank check or else!” Individuals can’t spend more than they earn, not without repercussions at least, and neither can businesses. Why is it any different with Governments? I ask you – is it any different? Countries that spend and spend and spend must cause inflation at some point. One of the best remembered examples in history is post-WWI Germany, where you had to take a wheelbarrow full of money to buy groceries. It’s happening today in various countries that cannot keep a lid on spending.

Oh, but the left would argue “Those are not the U.S.! With our backing of credit and reserves…” To which I would argue – What reserves? We have none to speak of. There isn’t enough gold to back even 1/10 of 1 percent of our currency as it is. About half our currency is abroad (the cash). And of the debt, $Trillions$ are stashed around the world in various accounts, including China, the Middle East, Europe, and other Asian countries, that we must now consider as our “Creditors.” The Treasury has been in this President’s back pocket happily buying up bonds and notes to finance even more spending, even more “Liquidity.” It’s pseudo-liquidity since at some point, just like pumping raw cash into the system, it has the same effect and it either causes inflation in the local or the global marketplace. It must cause these effects, there is no mathematical way out of that argument.

Now, for the simple-minded, those who’ve had too much Kool-aid, I ask you, did you think that we could just spend and spend and spend like there’s no tomorrow, and borrow $10T to pay for your Healthcare without somebody having to foot the bill? Why do you think the Tea Party came into existence in the first place? Thinking people can see these problems coming and we absolutely HATE the idea that we are passing off the cost of YOUR healthcare onto our Children, Grandchildren and their Grandchildren! There is not a fundamental right to Healthcare, it’s a sham, they’ve duped you into believing it’s in the Constitution, or it should be or some such notion. It ain’t there! Somebody has to pay for this President’s continued excesses. I say it again that his plan only ever was to ruin our Country by this path of reckless and dangerous spending to take us down the road to ruin, on a path where foreigners own us, and we will then owe allegiance to them. If you can’t see these things happening before your very eyes, then I do indeed feel sorry for you, because it’s as plain as the nose on your face!

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