I agree. What does it really mean when Detroit, California and the United States goes bankrupt? Everyone in Detroit, California and the United States keeps rocking along, fat and happy.
I have been listening to talk about the National Debt for 50 years and everything is still OK
Hey, that word was the operative problem with that sentence.Posted by Katherine at February 11, 2014 10:33 AM
Everything is still OK?
Somebody should notify the MSM, everyone over there thinks everything is an emergency.
FWIW, I'm not in the habit of paying for stuff other people buy and I'm not likely to change anytime soon.Posted by ghostsniper at February 11, 2014 10:44 AM
This could, quite possibly, be exactly what our 'leadership' have in mind - but doing it quietly by printing more money.
So much for the dollar being the World Currency. lesson learned for international economists. :(Posted by Cond0011 at February 11, 2014 11:43 AM
"The normalcy bias, or normality bias, refers to a mental state people enter when facing a disaster. It causes people to underestimate both the possibility of a disaster occurring and its possible effects. This often results in situations where people fail to adequately prepare for a disaster, and on a larger scale, the failure of governments to include the populace in its disaster preparations. The assumption that is made in the case of the normalcy bias is that since a disaster never has occurred then it never will occur. It also results in the inability of people to cope with a disaster once it occurs. People with a normalcy bias have difficulties reacting to something they have not experienced before. People also tend to interpret warnings in the most optimistic way possible, seizing on any ambiguities to infer a less serious situation."
http://en.wikipedia.org/wiki/Normalcy_biasPosted by tim at February 11, 2014 1:12 PM
Miller needs to read Niall Ferguson's book, "The Ascent of Money." Or an account of what people in Argentina have been experiencing for the last 50 years. The lessons from Ferguson's book or the plight of Argentina are all ones we are going to learn. When you are blessed with vast natural resources, a decent infrastructure, private property laws backed by courts, and an entrepreneurial class it takes a lot of stupid political and economical mistakes to drag you down. But it's happening. Quite rapidly since the democrats got the power of the purse back in 2006. It may take ten years more or fifty, but if we don't become a business friendly country again, we will eventually pay the piper.Posted by Jimmy J. at February 11, 2014 8:35 PM
You want to see somebody get really pissed off really fast: Tell the Chinese, to whom we owe something like $3 trillion, that we are going to pay them. BTW, they have nuclear weapons.Posted by Fat Man at February 11, 2014 9:45 PM
Yeah Argentina. The last time around, when the Argies said FU, we ain't paying back jack, suckers; suddenly they couldn't import enough food to feed themselves. They couldn't import anything. Nobody wanted their worthless pesos. Nobody would extend them 30 days credit. It was all cash US dollars or gold, up front, or no deal.
The people in the north starved. Formerly respectable men became bandits and thieves to feed their families. Everywhere, in the cities and farms, they were at constant risk of robbery or murder. Everybody had to carry.
So, you wanna go there? Think I'm all wet? Read this. That oughta scare the piss outta ya. That, can happen here also.
We cannot keep borrowing $1 trillion a year. We just can't. It won't be long now. And what are all those people living on borrowed money going to do when the river of debt dries up?. Best get preparing.Posted by John A. Fleming at February 11, 2014 10:36 PM