One million dollars a second.
As we saw in our last episode, your friend, Big Brother, for a mixture of reasons (some well-intentioned but woefully ignorant, some ill-intentioned yet woefully ignorant) stumbled into a depression for basically the same reasons Hoover stumbled into the last depression. But to make the depression into a truly Great Depression, lasting decades, we needed a truly economically illiterate semisocialist leader, Franklin Roosevelt, trampler of the Constitution.
History repeats itself: Bush trampled the Constitution in his haste to destroy the free market by saving it ( or save the free market by destroying it, I forget which) and now Pres Obama, whom history will remember as the First Ever Utterly Unqualified President, rushes to fill FDR's shoes, by doing what FDR did, but more of it, and more expensively, and without FDR's executive experience. ( Collapse )
Meanwhile, on my radio, I hear the economists on NPR. They are giddy over the amounts of money being spent, and both agree that IT IS NOT ENOUGH and the CONGRESS WILL NEED TO SPEND MORE.
I am reminded of the Athenians deciding to attack Syracuse, except that the Athenian hubris over their military might, in this case, is American hubris for our ability to ignore economic reality. We are not merely spending money we don't have, we are spending whole moonshots and world wars worth of money we don't have.
What happens wen the bill comes due?
My own life contained a painful lesson back when I was young and starving. I borrowed money from my father in law to pay my rent. Once I was in debt to him, I was no longer able to order him off my property when he grew rude and overbearing. I was no longer a man, no longer his equal, and the apartment was no longer my castle, because I had sold my honor to him for money. Once you are in debt, your creditor pays the piper, and you dance to his tune.