Destruction By National Debt

Scripture says, “The rich ruleth over the poor and the borrower is servant to the lender” (Proverbs 22:7). A welfare economy is a slave economy. Debt is a slave’s chains whether they bind the individual or the nation. The anti-American revolutionary knows the capitalist American system cannot endure massive taxation and crushing debt. Sooner or later the system will collapse. It appears we are dangerously facing our day of reckoning.

Lenin understood the goal of destroying the capitalists through taxation and inflation. He said, “The way to crush the bourgeoisie (middle class) is to grind them between the millstones of taxation and inflation.” Think of it. We now have a Federal Government that has the largest military in the world, an unlimited ability to tax its citizens, unlimited ability to borrow, unlimited ability to spend and unlimited ability to create monolithic debt. Where is the financial accountability to the taxpayers? Why the rush to unprecedented national debt?

In a report by Wegelin & Co, the oldest Swiss private investment bank, they advised their clients to say farewell to American investments because of crushing debt. As evidenced by the following they believe American’s economic future is bleak.

“A glance at the USA’s debt situation suffices to show that apart from oil, there is really only one element of strategic importance that the USA will need in the coming years: capital. The (declared) public debt, national, state and community, amounted to some 70 percent of GDP in 2008. With the absorption of further debt in the wake of the financial crisis, by 2014 the level of explicit debt is likely to be significantly above 100 percent of GDP. By then the interest will have doubled from around 10 percent of total public revenue to around 20 percent, on moderate assumptions.

This is generally well known. What is generally less well known is that in the USA too, as in so many ailing European states, this explicit perspective reveals less than half the truth about what has been implicitly promised by the state in the way of further benefits. Correctly accounted, that is, as probable future payment flows discounted to present values, the picture would look a good deal bleaker. There are studies, such as the one by the Frankfurt Institute in November 2008, that reckon with a total level of debt for the USA of up to 600 percent (!) of GDP.”

La Rochefoucauld said, “It is a great cleverness to know how to conceal one’s cleverness.” At the time of the above letter, Larry Summers, President Barack Hussein Obama’s chief economic advisor declared the recession over and the nation in recovery in September 2008. Not everyone agreed. Nobel Prize winner Joseph Stiglitz, a Keynesian, said the U.S. banking system is less safe today than in 2007. “In the U.S. and many other countries, the too-big-to-fail banks have become even bigger. The problems are worse than they were in 2007 before the crisis.”

The bottom line is that debt will crush the Republic which evidently is the desired outcome by factions within our country. Again, when a government has the power to tax without limit, borrow without limit, spend without limit and acquire debt without limit it’s just a matter of time until the nation collapses. No nation throughout history has ever been able to borrow and spend its way into prosperity. America is no different. The day of reckoning is approaching. Economic collapse, the utter destruction of the Republic must be the desired outcome. If this be so, then what we have is not deceptive acts of sabotage but treason or in the least sedition.

Lasting alterations to the old American Republic have modified the character of our nation. Some of our little rulers in Washington have partnered in the corruption and ignored the ever increasing debt burden put off on the American people. Currently there is no talk of rolling back the size of government. There are meetings only to explore every possible creative way to increase taxes, fines and fees. I am reminded of the hearings by the Senate Finance Committee to tax soda pop, the State of Massachusetts dog tax and Oregon’s proposed mileage tax.

As already said the collectivist revolutionary understands that a socialist’s state requires a powerful central government. This explains the dazzling push for government run health care, government funded corporate bailouts and cap and trade (energy) taxing and regulation authority. The US Constitution does not provide the Federal government with this much power. In today’s political climate who cares about the US Constitution?

Your partner,
Jonas Clark
www.JonasClark.com