12 July 2011
World Debt Issues: We Are All In It Together
From Denny: As President Obama struggles with a contentious GOP over the debt ceiling issue, the rest of the world has its economic woes too.
Obama is trying to convince the Republicans to care about the elderly and the American middle class that have paid into Social Security all their working lives. They call it entitlements because we already paid for it in advance. To the GOP mind, well, just why would a person want their money back in their old age?
The GOP is wearing thin on everyone trying to convince us to feel sorry for the billionaires. Republicans continually make the case as to why the rich should not pay taxes or should Big Business. After all, why should they contribute something to this country when they have shipped American jobs overseas? Yes, the rhetoric has devolved into The Ridiculous.
It does make us wonder why this country has allowed our politicians to buy short stocks on the very legislation they are considering. Yes, Eric Cantor was found to be doing it with a whole lot of friends. How many in the White House are doing it? It's no wonder our government is so dysfunctional.
Then starts the political rhetoric of sacrifice. Yeah, sacrifice for everyone but the politicians and businessmen who created the mess in the first place. A word to the politicians: Angering the public this much, insulting our intelligence, stealing from us, war profiteering and the like leads to revolutions like the French Revolution. The public can only take so much and eventually things are going to get violent. Hot melting summers don't help the situation either.
Meanwhile, the Greeks are furious with their idiot leaders who have mismanaged or skimmed the national funds. Why should they experience austerity measures when the politicians have made money - or stolen money - from their retirement funds? They continue rioting in the streets.
Now, it's the Irish in trouble along with the Italians. Don't forget Spain and Portugal are also in The Hurt Locker. Today, European markets took a tumble as they worried about the possibility that Italy might also default. Italy's PM Silvio Berlusconi slashed another $56 billion from the budget in an effort to calm the markets.
Anonymous sources of officials close to the European Central Bank said today the current level of the EU bailout fund just isn't large enough to accommodate Italy if it collapses. It should be doubled.
After all, everyone in the world now needs rescuing. Just who is left standing? People are wondering if America will be able to get up off its knees. Yes, we are all truly in this economic mess together.
Is it any wonder as to why the Old Testament talked about The Jubilee? Every 50 years in Israel they restored personal and economic freedom. Slaves were given their freedom and debtors had their debts cancelled.
What a novel - OK, thousands of years old - idea! Has any brilliant economics guy figured out the obvious? It's time to cancel many debts. America thought nothing of cancelling debts for third world countries. Perhaps it's time to cancel debts all around the world.
After all, who has screwed up the world economies in the first place? The greedy Big Banks. If these guys are told to start cancelling debts they sure will squeal. However, it sure will free up a lot of money for the average guy who can start placing it back into the local economy by spending again. It's a thought. Maybe it's just that easy.
But oh, how I'd love to be a fly on the banking wall and get the sublime pleasure of hearing them squeal. :)
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