by Edgar J. Steele
October 22, 2004
"I apprehend no danger to our country from a foreign foe...Our destruction, should it come at all, will be from another quarter. From the inattention of the people to the concerns of their government, from their carelessness and negligence, I must confess that I do apprehend some danger. I fear that they may place too implicit a confidence in their public servants, and fail properly to scrutinize their conduct; that in this way they may be made the dupes of designing men, and become the instruments of their own undoing."
-- Daniel Webster,
Works 1:403 (June 1, 1837)
"Government is like a baby: An alimentary canal with a big appetite at one end and no sense of responsibility at the other."
-- Ronald Reagan
Last week http://www.conspiracypenpal.com/columns/left.htm I mentioned the Twin Towers, not the ones taken out in New York City, but the Twin Towering Deficits: fiscal and foreign spending . I stated that the destruction, even death, resulting when those Twin Towers fall will far exceed what happened on 9/11. The current Iraq war, which both Bush and Kerry have pledged to continue right on through calendar year 2005, has played no small part in both those deficits.
http://i.am/jah/greeneco.htm
America's federal budget deficit (the amount of money our federal government spends in excess of its total receipts...think in terms of your ever-increasing credit card balances as an analogy) runs well over a half trillion dollars annually, with no reduction in sight. Indeed, the rate of increase is, itself, increasing.
An uptick in interest rates will devastate the federal budget, as tax receipts increasingly must be earmarked to interest payments for the national debt. Defaulting on the debt is not an option, as that would destroy the dollar overnight. The now-inevitable cutback in federal spending and entitlement programs will lead to rioting in the streets (think LA's South-Central riot writ large... real large) and a worldwide economic depression that will cause us to start numbering our depressions, just like WWII did for the "Great War" (WWI).
America's balance of trade deficit (the amount by which American imports exceed her exports) also runs over a half trillion dollars annually, with no relief in sight unless and until a massive devaluation of the dollar occurs so as to make what little America still produces relatively attractive to the world market. Of course, that devaluation will precipitate a stock market crash of epic proportions and usher in Depression II.
