~ H. L. Mencken
Apparently this is the Golden Standard for Politicians. How else could we have elected officials who when the National Budget is drowning in red ink and creditors increasingly balking against extending us long term credit, decide to double ... no quadruple ... down on the debt.
All those news pundits who (rightfully) criticized George Bush on his deficit spending are strangely quiet when this year's deficit month over month is four times as much. I guess they have selective outrage based on whose team is playing.
I personally believe that the acts of government do not subscribe to different logical and moral rules than the acts of individual men. If Thou shalt not steal be the law, it is no different if you have the Government do it for you. It is just as wrong, no matter what the intention behind it. Good intentions do not purify bad acts. And this is giving politicians credit for good intentions they may not even really have. After 80 years of public dole ruining the lives of the poor, I believe that Progressive politicians actually do recognize the damage they have done. It is incidental to their goals and so be it. And if the taxational theft, inflation, and Government dept also ruin the lives of the working and retired classes, that is just a little more incidental damage; so what, there are reelections (and power) at stake.
The presumption our elected officials make is that this can sustain forever. I happen to agree with Karl Denninger that keeping this Ponzi scheme going is iffy at very best and we need to be prepared for all eventualities. (excellent articles. If you don't read Denninger's Market Ticker, you should. )
I take only one partial exception with this caveat - partial. He says avoid metals. He means the gold hucksters on TV primarily, although he may include big bullion investment in silver too. I believe that some tradable silver coin may be of some advantage to you when no one wants to accept little green rectangles of printed paper. As I always say when some one asks me about gold:
"How many thousand dollar transactions do you make? And how many twenty dollar ones?"