Tuesday, February 10, 2009

All Debts Come Due

Gongol hits it right on the head:

If we can't demonstrate the wisdom to get out of our problems with enough sobriety and confidence to show that a temporary economic slowdown is not the end of the world, then our forebears ought rightfully to be ashamed of us.

Exactly right. We're in a temporary economic downturn. Does it hurt? You bet your ass it hurts. Especially for people without jobs, which is where I was during the tech economic downturn of 2002. But Obama and the democrats are turning a downturn into a panic. And every time he takes the stage he tries to install more panic and fear.

This monstrosity of a bailout package just repeats the new fundamental American fallacy that got us into this mess: the belief that nothing borrowed ever has to be repaid. First it was mortgages, credit cards and Social Security funds. Now it's government bonds.

This all feeds back into the American hyper-focus on the self and the now, agreeing to things that "sound good" in the short term because most Americans now don't want to think things through for the long run. Or as is becoming more common, because they are too ignorant to do it.

So we have citizens of a bankrupt culture about to enact laws that will bankrupt their finances. Because this wasted money will have to be paid back one day, one way or the other. And I think it will happen through the debasing of the currency.

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