John Ransom

If a US default on interest and principal payments were to happen, make no mistake it would be a default of choice.

Obama’s choice, that is.

But he wouldn’t be the only one defaulting.

Nor is he the only one to blame here.

In order for the United States government to default on paying interest on the debt that we owe, a series of decisions would have to issue from the White House that would prevent those payments in the first place.

There is enough money to prevent default, just not enough to keep the rest of the government going the way the big government types on both sides of the aisle would like.

But whom are we kidding?

In many senses the government, the politicians, the media, our newspapers, our radio stations, our chambers of commerce, our professional sports leagues, our schools, our universities, our court system, Democrats and Republicans alike, defaulted a long time ago.

To pretend that the decisions, half decisions and the evasions that have been made that finds us so close to default are the responsibility of any one man, any one party or any one class of institution is to ignore reality.

These are the institutions that make up our community, and that these institutions no longer carry the gravitas that they once did, should be worrying to fair minded people. And it’s a default on the public trust that has caused the diminution of community institutions like these.

Several weeks ago the Chicago Tribune, on it’s editorial page, deplored the debt that’s been piled up, as if it had nothing to do with the decisions made in order to bring upon the crisis. This tribune, so to speak, supported many of the decisions, if not most of the decisions, upon which this debt is based

Americans are finding out now that we’ve been misled-- are actively misled-- by those institutions that are donkey-like in their braying about issues of the day:

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.