ozzy43

California's Default Is Certain

"Indeed, it is Reagan who has sewn the seeds of the U.S.'s inevitable march toward national default."

I had no idea that Reagan was active in 1913 in the passage of the Federal Reserve Act, and the passage of the 16th amendment and the income tax - which is when the seeds were sewn for the inevitable default that is coming. Of course, Reagan, among every other president since that time, participated in the watering of those seeds and the faithful tending of the monstrous weed that sprouted, and which now is busily devouring the rest of the garden.

It never ceases to amaze me the utter ignorance of history that is often on display in these mainstream essays. As though these problems began a few short decades ago! Puh-lease! We're seeing the ineluctable culmination of ~100 years (arguably, even more than that) worth of Statist governmental and monetary policies.