Jubilee Year

Doug Casey: What to Do in 'The Greater Depression'

Dean, you said, "Forget economics, if we 'hired' the debt, then we have a moral obligation to pay it. "

But "we" did not hire the debt. It was created on our backs, without our consent.

If you sell yourself into slavery, yes, live with your choices. But no one has the right to sell someone else into slavery!

Doug Casey: What to Do in 'The Greater Depression'

I commend Mr. Casey for the calling U.S. debt default a moral obligation. He is correct. It is immoral to sell your children into slavery. Instead of paying for their own lives and problems, the current political class is trying to foist such payment off on their children.

As for calling the US more socialist than the Communists, he is correct. In China today, for example, individual citizens have to pay for their own healthcare and retirement. Thus, they save, providing their economy and government the capital to invest in their future strength.

Meanwhile, the U.S. government is planning on increasing social expenditures, tripling the deficit, while expanding socialized medicine, while attempting to "jump-start" debt-based consumerist spending, in the teeth of a Greater Depression.

The root of every hyperinflation is the same: a government that refuses to face economic reality. Tell me how we are not there?