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Bankruptcy can not be dealt with by more borrowing.....
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John Burns
Posted 1/29/2015 06:21 (#4346493 - in reply to #4346364)
Subject: RE: Bankruptcy can not be dealt with by more borrowing.....



Pittsburg, Kansas

One word.................castration. :-)

Laws don't seem to make any difference. The ones they don't like they just ignore. Even a Constitution doesn't seem to have any substance any more. Once it becomes ok to ignore laws they don't like, laws no longer matter.

It's why I'm not for a gold standard. A gold standard works to limit expansion of base money.............. as long as it is adhered to. But as soon as it becomes inconvenient and politicians want to wage a war or some other expenditure they feel is just an absolute necessity, the standard is abandoned. So it is only a law as long as it is convenient and fits their needs.

Look at the Euro. When the countries involved agreed to the common currency, they also agreed to not borrow beyond a certain percentage of GDP. Then they all ignored the law, even Germany. When there is no more rule of law, that is the law is summarily ignored at will, then making more laws is kind of like locking the screen door to keep bad people out. It will only apply to the good and honest people. The bad ones ignore it and break the lock easily anyway.

John

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