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A tide of deficits will drown the nation |
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March 4th, 2010 |
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Recently when the tiny, oil-rich emirate of Dubai was in danger of defaulting on billions of dollars in outstanding debt, it sent a tremor through the economic centers of the world.
The volatile situation was quickly defused, at least temporarily, when other Arab members of Organization of Petroleum Exporting Countries stepped in to provide the funding needed to prevent Dubai's economic collapse. The crisis developed due to the fact that Dubai had borrowed huge sums of money when oil prices were at their peak, far more than it could ever repay when the oil market stabilized and prices fell sharply.
Dubai's situation is very much like our own. Congress and the president continue to explore new ways to spend billions of dollars that we do not have, on programs and projects that we cannot afford. This merely continues a fiscal practice that began with President Lyndon Johnson's "Butter and Arms" policy way back in the '60s.
Will the world come to our aid when we are at the point of defaulting on our outstanding debts? It is doubtful but even if some of our allies were able to do so, it would be a case of adding more indebtedness to our already staggering deficit.
Many of us golden agers can vividly remember what it was like to live through the tense times of the Cold War years when the world teetered on the brink of nuclear destruction. Now we teeter on the brink of a different kind of threat, one that will devastate our economy and change our lives in ways that we cannot even begin to fully comprehend.
Almost certainly, the fallout will make today's recession seem like the "good old days" in retrospect.
Can no one stop this madness? Will only the total collapse of the U.S. and the free world economy bring about an end to it all? Those enemies in the Middle East who hope to destroy our economic system through random acts of terrorism need only be patient. In time, we will destroy ourselves, as we slowly drown in an ever increasing tide of deficits and red ink.
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Source: www.knoxnews.com |
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