axelrod608

Working Towards a Fiscal Constitution

>> "If the past is any guide, somewhere there is a group working on it in relative harmony, with high seriousness of purpose" >>

Undoubtedly there are some bright people doing just that, BUT, the reality of the situation is that all the king's horsemen and all the king's men belong to the two ruling parties, every congress and every administration of which has spent more than it's taken in since WW II. Fiscal integrity, fiscal accountability do not exist in DC. In DC-think, "deficits don't matter" ( Dick Cheney) and the corrolary "debt doesn't matter".

Academicians often overlook the simple basics, one of which is that every empire in world history has spent itself to death. We appear to be well on our way to imploding just as all the others have, drowning in a sea of debt. Find economic theory that says it isn't so.

Alan "Bubbles" Greenspin pushed Humpty off the wall with a decade plus of easy, cheap, unlimited credit. All the king's men are continuing that disastrous policy - keep the easy, cheap unlimited credit flowing.

Common sense tells one when you find yourself in a hole, stop digging. The Fed is bringing in bigger digging equipment. And while the theorists debate, the fed keeps digging. This will end badly no matter what the theorists determine.