Goodmorning Blogmocracy Netizens! I hope everyone slept well and will have a healthy day today! I came across a dark post by the great Victor Davis Hanson I must post on.
The Progressive Tyrannical Regime in Washington D.C., is selling a fantasy to the American people. They keep increasing our debt, due to low interest rates. They are selling out our allies on the hopes that our enemies will like us. The Cap-N-Trade scheme’s true costs are down played and the hyped “green” economy is emphasized. The Obamacare plan is being promoted as consumer choice, when in reality it’s a form of Eugenics based control. These are dark times for America and one wonders whether the Progressives are naive, or if this is all by design?
Obama’s mega-borrowing is predicated on a rather thin margin of safety. We can service nearly $2 trillion in additional debt this year—on top the of the existing $11 trillion—only because interest rates are so low.
But as a veteran of the near usury of the 1970s and early 1980s, I see no reason why interest rates won’t shoot up to 10% once the economy recovers and the U.S. has to convince lenders to buy our paper in an inflationary spiral. In other words, we could fork out each year about $150-200 billion in interest costs on our annual red ink, in addition to paying annually another trillion dollars to service the existing debt. (We forget that many of us young people in the 1970s and 1980s simply never bought anything new due to high interest: my first new car was not purchased until 1989 when interest was only 7.2% on it; my parents bought a small condo in 1980 for the unbelievably low rate of 8.8%, due only to redevelopment incentives in a bad neighborhood of Fresno. Inflation will be back, even in this quite different age of globalized competition and low wages.)
When Obama talks of a trillion here for health care, a trillion there for cap-and-trade, it has a chilling effect. Does he include the cost of interest? Where will the money came from? Who will pay the interest? Has he ever experienced the wages of such borrowing in his own life? Did he cut-back and save for his college or law school tuition, with part-time jobs? Did he ever run a business and see how hard it was to be $200 ahead at day’s end?
What destroys individuals, ruins families, and fells nations is debt—or rather the inability to service debt, and the cultural ramifications that follow. When farming, I used to seen the futility in haggling over diesel prices, trying to buy fertilizer in bulk, or using used vineyard wire—when each day we were paying hundreds in dollars in interest on a “cut-rate” 14% crop loan.
Read the rest.
Victor Davis Hanson, who is a historian, does a great analysis here. This has happened before and this is how a great society falls. Progressives are leading America down a dark road and they need to be called out on it. They are on purpose destroying the fabric of this nation. It is their agenda to create a Neo-Feudal Totalitarian dark age system here. They want pure power and will stop at nothing to achieve this evil agenda. The Conservative-Libertarian Coalition must ignore the RINOs and take on these fascist thugs. It is our liberty and way of life at stake!
If we lose, an American Dark Age will set in.
Tags: Victor Davis Hanson
