Political and Financial Establishment Abolishes Laws of Economics
Despite the fact the political and financial establishment violates economic law wholesale, it appears everything is hunky-dory. The stock market, Dow Jones Averages, continues to soar towards the 10,000 mark. Consumer confidence is increasing as indicated by a recent survey that says Americans are ready to shop again.
The above good news could lead a person to believe that massive bailouts, artificially low interest rates, consumers spending money instead of saving it and humongous budget deficits are the panacea for our economic woes. Apparently, we live in an age where it’s possible to have your cake and eat it too. When the great science fiction writer, Robert Heinlein popularized the phrase “There ain’t no such thing as a free lunch—TANSTAAFL”, he didn’t realize a “new economics” based on John Maynard Keynes’ phrase “In the long run we are all dead” would implant itself in the vacuous minds of the establishment.
Tragically, this “microorganism” also invaded the minds of the majority of the American people. When are we going to face the fact that the establishment runs our economy on the something for nothing principle? Do you have any idea the dizzying heights our national debt currently stands at— and I don’t mean the phony figures the government and their mouthpiece, the news media spoon-feeds you?
According to LewRockwell.com and Bill Walker, the national debt actually stands close to $100 trillion dollars. They quoted the President of the Dallas Federal Reserve, Richard W. Fisher. Here’s what he said regarding the actual (unadulterated figures) US debt.
“Add together the unfunded liabilities from Medicare and Social Security, and it comes to $99.2 trillion over the infinite horizon. Traditional Medicare composes about 69 percent, the new drug benefit roughly 17 percent and Social Security the remaining 14 percent.”
Interested readers will notice that the new prescription drug benefit is projected to be more fiscally crushing than all the Social Security obligations.
Mr. Fisher points out that this $99.2 trillion will be a bit of a burden to pay off.
It’s quite stunning and refreshing to see a member of the financial establishment tell us the unvarnished truth. He probably isn’t making any friends and he’s probably losing some.
Do you know what 99.2 trillion dollars comes to per person? Since the U.S. population is 304 million, the amount runs up to a shocking $330,000 for each individual. For a family of four it comes to “gasp” $1.3 million. Are you prepared to pay your share?
Wait a minute. I forgot. We live in a new era—an era where the political and financial establishment “successfully” abolished the laws of economics. Our leaders possess Godlike powers. Jesus might have been able to transform water into wine and multiply 5 loaves of bread to feed 5000 people; however, this is child’s play compared to the miracles our political and financial leaders conjure up for our “benefit.” In our miraculous era, where economic law is no longer valid, we can eat all the cake we desire since resources are now unlimited. After all, the Federal Reserve System can create as many dollars as needed. If necessary, Bernanke’s helicopters will drop a godzillion dollars, so we can easily continue to satisfy all our needs and desires.
You may be asking if the unlimited creation of dollars could cause hyperinflation. Really, you need not worry. Obviously, in the long run we are all dead.
Robert A. Meyer
The Libertarian Way