one less thing to worry about

(*)

9 Comments!

  1. Fawkes News (Blacklisted and Loving It)
    Posted March 27, 2014 at 4:28 am |

    No problem! We owe it to ourselves!

    Now, where have I heard that before?

  2. mech
    Posted March 27, 2014 at 4:41 am |

    and globull worms are real.

  3. Abernathy Cranston III
    Posted March 27, 2014 at 6:39 am |

    Phew! Now I can stop worrying and get back to obsessing about sports, NASCAR, reality TV, and my next tattoo.

  4. DougM (Bison Party)
    Posted March 27, 2014 at 8:07 am |

    Keynesian BS !
    All that debt is money that’s not available for productive work and investment elsewhere. Most of it was wasted on non-productive gov’t handouts, not wealth creation.
    Printing currency is not printing money. Money is a store of value that has to first be created. You make money, but you print currency (the inflation thing).

    The real problem with debt, in my mind, is our inability to surge when a real disaster or a fight for survival happens (those “other” things the video mentions). Who ya gonna borrow money from when you credit’s all tapped out?

    The next problem with debt is that it eventually has to be paid back, or at least payed down regularly. Payin’ just the interest on the debt (to stay solvent) is foolish. It puts us at the mercy of finding lenders forever, not all of whom have our best interests at heart (so to speak).

    The moral objections are twofold:
    • Current borrowers expect following generations to pay for current flings. They’re living off of their offsprings’ future taxes. We have sentenced future Americans to a tax burden and penury without their permission. This is outrageous taxation without representation.
    • The American character is being debased to that of dependents who demand more and more theft from the productive, thereby turning one part of society into beggars and the other into part-time slaves.

    It’s like the King riding down the lane throwing coins to cheering peasants while his henchmen go down a different lane stealing coins from the stores and workshops in exchange for IOUs … at gunpoint.
    (What? Well, yeah, it’s fine if you’re one of the King’s men.)

  5. rickn8or
    Posted March 27, 2014 at 8:44 am |

    Weimar Germany, Zimbabwe.

  6. mike
    Posted March 27, 2014 at 9:36 am |

    Doug – perfectly stated, sir. I agree with every syllable.

  7. Paladin
    Posted March 27, 2014 at 12:20 pm |

    I don’t know, Matt Yglesias has been pretending to be an economist for around three years now. I trust him.

    He never says anything stupid like, “Laying down the marker – Obamacare implementation’s going to be great and people will love it.” or “I think deficits sometimes matter, but past accumulated debt basically never does.”

    He also never gets big numbers off like saying, for instance, that the national debt is 12.5 trillion. I mean what’s 5 trillion anyway? Let’s just eliminate that mean ol’ national debt and make that 12.5 or 17.5 trillion (depending on which college you took your economics major) disappear by printing or making that money with computers.

  8. DougM (Bison Party)
    Posted March 27, 2014 at 12:27 pm |

    ^ Oh, yeah …
    forgot to add a paragraph about unfunded liabilities.
    You know, criminal fraud.

  9. Lord of the Fleas
    Posted March 27, 2014 at 9:46 pm |

    ^(4) Current borrowers expect following generations to pay for current flings.

    And things are gonna get really interesting if/when those generations hoist the Fuck You Flag and refuse to pay.

    (Sort of reminds me of Lysander Spooner’s Constitution of No Authority …)