Saturday, 21 March 2009

Financial watershed events

It is not often that I would quote another person's blog posting in full but the one below seems to be worth laying out as it expresses a perfectly defensible point of view and suggests that we are living during a financial watershed period.
The posting comes from Seeking Alpha and the contributor is named SW Richmond

We've just witnessed the most significant day in American history in the last sixty-five years, and few Americans recognize it. It is nothing less than the day the US government admitted to the world it was insolvent. Pundits can yammer, but if any American family had gone to BK court and told the judge "we're going to print money to make our mortgage payments and maintain our lifestyle" there's no doubt what the judge would have replied.

Our "president" is still campaigning and glamming it up, because that's all he knows how to do. Someone else, obviously the same entrenched power structure, is making decisions, and bad ones at that. We were promised change but have "stayed the course", not "changed horses in the middle of the stream", and gotten at least "4 more years."

This is not going to end well; it can't. You can't print value, and everyone knows it. America, be ready. The welfare-warfare Leviathan is killing itself, and if we're not careful it will soon be replaced by its warfare-only cousin (since we won't any longer be able to afford welfare).

It's a dark day.

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