In Jim Cook's Archive


Nobody in America seems all that worried about $16 trillion in debt.  But you should be.  It’s the reason you need to have silver and gold.  Just a little pop in interest rates could ruin us.  A bond buying strike by foreigners could spark runaway inflation.  A decline in foreign demand for dollars could sink our currency and destroy the bond market.   We’re sitting on a powder keg  attached to a burning fuse.

A bad outcome is inevitable.  No country can spend recklessly on expensive social welfare schemes and in the face of a gargantuan, unprecedented debt bubble keep on spending with a vengeance.  No country can subsidize rich and poor until half its population is on the dole.  No country can have the world’s biggest military, fight expensive wars and stick its nose in every country’s business while spending wildly on foreign aid.  It’s not going to work.  The train is leaving the station.  The U.S. has cooked its goose.  The sorry outcome is inevitable.  The only question is when?

This country has gone mad.  Our finances are in a shambles yet we persist in spending far more than we have.  We borrow half of the money needed to finance our extravagances.  Our politicians, courts and bureaucrats continue to add costly and expensive programs to our budget.  Our monetary authorities print up the money that we can’t borrow.  This excess, this profligacy, this waste and wantonness will ultimately plunge us into despair. The arrogance, the heedlessness, the pride and the sophistry will bring us bitter tears.  We are going to be humbled.

This country is in the grip of a falsehood that has risen to dominate the culture; the belief that big government is our savior. Our economists and our educators promote a radical dogma. Our media spreads the phony Keynesian doctrine of easy money.  Envy and blind social sympathy pave the way to intervention and inflating.  Creeping socialism demands runaway spending and inflation to thrive.  It succeeds at the expense of free markets and capitalism.  The powers that be and their intellectual cohorts sneer at enterprise and suck the marrow from the bones of the productive.  No expense can be spared to implement the agenda of the left.

We are at $16 trillion and counting on the road to perdition.  The big-spending progressive agenda is the blueprint for national ruin.  Someday soon the bond vigilantes will arrive.  Our bankruptcy is cooked in the books.  What’s left unsaid is that this winding path of excess and extravagance that we are following is more than just a road to national insolvency.  It is the certain path to the extinction of everything that has made America great.  It will be the end of us.

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