Authord by MN Gordon via EconomicPrism.com,
‘No one really cares about the U. S. federal debt,’ remarked a colleague and Economic Prism reader earlier in the week. ‘You keep writing about it as if anyone gives a lick.’
We could tell he was just warming up. So, we settled back into our chair and made ourselves comfortable.
‘The voters certainly don’t care about the federal debt,’ he continued. ‘They keep electing the same spendthrifts to office.
‘And the politicians know the voters don’t care. They also know that making more and more promises is the formula for getting reelected.
‘Deep down, the aging masses know they need massive amounts of government debt to pay their social security, medicare, and disability checks. On top of that, many of the so-called gainfully employed are really on corporate welfare; they hang their hats on government contracts to fund their paychecks.
‘You know as well I do how this crazy debt based fiat money system works. The debt must perpetually increase or the whole financial system breaks down. The best we can hope for is that the ongoing currency debasement merely leads to a subtle erosion of living standards. That’s the best-case scenario.
‘But, again, no one except maybe a handful of your readers’ gives a rip about the federal debt. Plus, if you’re gonna keep writing about it you need to use better terminology.
This post was published at Zero Hedge on Sep 15, 2017.