one less thing to worry about

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  1. No problem! We owe it to ourselves!

    Now, where have I heard that before?

    Comment by Fawkes News (Blacklisted and Loving It) — March 27, 2014 @ 4:28 am

  2. and globull worms are real.

    Comment by mech — March 27, 2014 @ 4:41 am

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

    Comment by Abernathy Cranston III — March 27, 2014 @ 6:39 am

  4. 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.)

    Comment by DougM (Bison Party) — March 27, 2014 @ 8:07 am

  5. Weimar Germany, Zimbabwe.

    Comment by rickn8or — March 27, 2014 @ 8:44 am

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

    Comment by mike — March 27, 2014 @ 9:36 am

  7. 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.

    Comment by Paladin — March 27, 2014 @ 12:20 pm

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

    Comment by DougM (Bison Party) — March 27, 2014 @ 12:27 pm

  9. ^(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 …)

    Comment by Lord of the Fleas — March 27, 2014 @ 9:46 pm

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