Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Category Archives: Economics

The National Debt: How Soon Before Uncle Sam Cries “Uncle?”

 

Uncle Sam with empty treasury, 1920, by James ...

When Bob Schieffer of NBC News asked the rhetorical question: “…has going a trillion dollars in hock to one country [China] made us more secure?”, he was reminded of Everett Dirksen (Illinois Senator for nearly 20 years) and his famous comment: “…a billion here and a billion there and pretty soon you’re talking about real money!”.

The current account deficit, at the present moment, is over $12 trillion and climbing. About half of that debt is owned by foreign countries, most notably China (about $800 billion) and India (about $300 billion), with the balance owned by Japan, Germany, and others.

So what’s the big deal?

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Inflation? What inflation?

Huff and puff and...

Image by gorbould via Flickr

We dont have to hire historians to see where deficit spending will take us. We have only to look around now. Since the end of World War II, some of history’s greatest national disasters have taken place right here in the Americas. North Americans used to laugh or shake their heads at the economies of the south that seemed always on the brink of collapse.  Banana republics, we derisively called them. We’re not laughing now.

Here are some examples he provides of inflation lag time:

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.
Copyright © 2021 Bob Adelmann