WHEN a person place or thing is so hopelessly, deeply in debt that any possibility of recovery appears impossible, the situation is described as "bankruptcy". The free market soultion to bankruptcy is to simply allow the debtor to languish eternally in debt, repaying whatever crumbs it can manage.
But that isn' t adequate. A permanently deeply indebted class satisfies neither debtor nor creditor. Thus modern civilization socialistically creates a process by which the perpetually downward spiral is stopped cold in its tracks.
By any reasonable standard the united states of america is a bankrupt nation, the victim of its own determination to rule the world and provide assistance for people left out of the corporate capitalistic dog fight.
Bankruptcy is painful, too painful for an entire nation to endure. The alternative, the pertual downward spiral, allows for the continuation of denial, the postponement of disaster, the head remaining beneath the sand.
soon again the great dog and pony show of formally increasing america's indebtedness will supply yet more morbid entertainment, our favorite flavor. and although there is no longer any alternative, much ado will be made about it.
at least one out of every eight american children hasn't adequate nutrition, but we can comfort ourselves that twelve aircraft carriers patrol the world's oceans, protecting us from....what? they only run about a million dollars a day to operate, per boat.
if we want to sell off the american empire, and stop helping feed the hungry, and raise taxes on us all, we can begin to reduce the staggering debt, and eventually balance the american bank account, and save the integrity of the currency system.
too painful. unthinkable. better to raise the debt ceiling again, which we will, but only after an acceptable amount of strutting, fretting, and posturing.
then we can all relegate to the back of our minds the question of what could life have been like had we behaved reasonably intelligently in the first place..
Bb
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