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The Cost Of Unfreezing The Credit Markets
In the past few decades, whenever a crisis has erupted, whether it originated in the United States, or the world at large, the US has often reacted with a single and predictable behavior - printing more money. When some sociopathic nutjobs blew up some of the largest and most notable US buildings, killing thousands, we pinned most of the blame on an unrelated fascist regime and printed up a trillion dollars to pay for a couple of wars that show signs of lasting for decades. When the economy began to go south, we turned to the printing presses again and rolled out another 150 billion. When a major wall street firm got into trouble, no problem - print up a mere 30 billion - drop in the bucket, right? Then Fannie and Freddie collapsed - ahh, it's just another 200 billion. AIG? More billions. Now that the entire financial business sector is in such serious trouble it can no longer lend money either to businesses, on mortgages, and soon, on cars and credit cards, the American taxpayer is being railroaded into coughing up yet another 700 billion to fix it. My question is this - if this credit crunch is so serious, so critical to life continuing as we know it, what are we willing to give up in order to accomplish it? I want the legislators who voted for this monstrosity to ask themselves a very tough question - If you had to cut spending elsewhere in order to accomplish it, would you still be in favor of it? Would you cut 700 billion from military spending? What would that mean? Withdraw from Iraq and Afghanistan? Pull ALL troops out of Europe and South Korea? Mothball a couple of carrier groups? Stop developing whatever WMD is currently on the US drawing boards? Or would you slash social security and medicare perhaps? How would the retired generation feel about their social security checks going to bail out Wall/Main Street? Or perhaps you might cut all foreign aid out, dismantle the Department of Energy and Department of Education, and totally eliminate earmarks - no, that wouldn't do it - so you'd have to shred the Department of Transportation and some other crucial government services Americans have grown dependent upon. The bottom line is this - we are rapidly PRINTING OUR WAY towards the 100 TRILLION DOLLAR mark in debt and unfunded liabilities that nobody wants to talk about - thats right - a bigger number than the ENTIRE WORLD GROSS ANNUAL DOMESTIC PRODUCT! At some point, a weary American public is going to have to stand up and say enough. |
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May, 2012
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