The Tyranny of Government Debt

There is no doubt that Americans are suffering under the tyranny of the United States’ government debt.  The amount of this debt is staggering in scope and each individual American is bowed over with its weight, no matter their political affiliation, and Americans need to be released from these tyrannical chains.  The question is how to accomplish this.  Politicians, regardless of whether they are wearing a donkey or elephant costume, mouth platitudes to a reduction of this tyrannical debt, and turn right around and increase the scope and size of the State, proving their ineptness and the lack of veracity in their words.

So, back to the question, how to reduce the tyranny of the United State’s debt?  Karen De Coster notes a suggestion put forth by an individual by the name of Philip Smith, in a news article titled Melting Gold Coins To Reduce National Debt.

Smith believes if the government would take all of the gold coins out of circulation and melt them into bars, the U.S. would be able to pay off the national debt. He says the gold coins are not doing anybody good just sitting around so the government should take action.

Karen notes that the idea, as presented, is not satire.  What came to my mind when I read this this morning is the following observation of Edward Gibbon, put down in Volume One of The Decline and Fall of the Roman Empire, wherein Gibbon comments on the debasement of money under the reign of emperor Gallienus, the role this debasement of money played the in civil unrests within the Roman empire, and the salutary effects which can be attained by restoring the just value of money.

The repetition of intolerable taxes, imposed either on the land or on the necessaries of life, may at last provoke those who will not, or who cannot, relinquish their country.  But the case is far otherwise in every operation which, by whatsoever expedients, restores the just value of money.  The transient evil is soon obliterated by the permanent benefit, the loss is divided among multitudes; and if a few wealthy individuals experience a sensible dimunition of treasure, with their riches they at the same time lose the degree of weight and importance which they derived from the possession of them.

Edward Gibbon, The Decline and Fall of the Roman Empire Volume One, New York, Random House, The Modern Giant Library, pg. 272

Posted by .(JavaScript must be enabled to view this email address) on 01/16 at 09:36 AM
  1. The question of the responsibility of paying the gov’t debt, the answer is clear and simple: the people that created that debt should pay for it.

    If that wasn’t clear enough I’ll get right to the point, you don’t get to spend money without accepting the responsibility for paying it back, for any reason at all, especially assumed or made-up reasons.

    I don’t get to pawn my debts and responsibilities off on others nor would I want to, and nobody else should either.

    Yes, you can get blood out of a turnip, just observe the IRS if you need proof. The IRS routinely wrings turnips dry.

    Posted by .(JavaScript must be enabled to view this email address)  on  01/16  at  10:31 AM
  2. See this link for the reason why the melting of coins won’t work:

    http://www.survivalblog.com/2012/01/economics_and_investing_1054.html

    Posted by .(JavaScript must be enabled to view this email address)  on  01/16  at  10:33 AM
  3. Don, thanks for your comment, and for pointing to Survival Blog’s rebuttal on the idea put forth by Smith.

    Posted by John Venlet  on  01/16  at  10:45 AM
  4. “...and Americans need to be released from these tyrannical chains.”

    Well done.  That’s the whole issue in a nutshell.


    “The question is how to accomplish this.”

    Don’t sweat it; reality takes care of matters like this.  That debt ain’t never gonna be repaid, at least not even remotely in equal value as when it was borrowed or promised.  This is a fact and all the brainstorming in the world can’t change it.  Slaves simply can’t produce that much wealth, and non-slaves won’t, at least not for that purpose.  That’s the end of that story, in all relevant respects.  We’re just waiting for people to admit it.

    Posted by .(JavaScript must be enabled to view this email address)  on  01/16  at  12:10 PM
  5. If the past is any indication of the future there will never be any admitting about the non-paying of debt. Politicians are always anxious to apologize for things they have no connection to and sidestep apologies for their own behavior. There has never been such a horrible assembly of criminals as those that now occupy the US gov’t. The mere fact that their sole effort from the beginning is to control others is the conviction requiring justice.

    Posted by .(JavaScript must be enabled to view this email address)  on  01/17  at  11:07 AM
  6. The most effective and correct resolution would be a special prosecutor, trials and jail time for our corrupt politicians.  An less effective and less correct choice would be to bring back the guillotine and do it ourselves.  Our politicians have destroyed us.  Out of pure greed and corruption they have destroyed us and although I prefer option 1 I will accept option 2.

    Posted by .(JavaScript must be enabled to view this email address)  on  01/17  at  11:14 AM

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