In response to:

The Coming Age of Austerity

Michael2677 Wrote: Nov 06, 2012 10:55 AM
Pat, Government does not go broke - I wish we would stop saying that. The reality is that Government makes life harder and harder for it's productive citizens. The poorest countries still have governments, the people in those countries are miserable and live in fear, the lucky few run everything. And there will be no $20 gallon of gas, there just won't be any to buy - who will buy it? And if no one buys, then who will sell? Inflation will be trumped by demand destruction and then, finally, productivity declines (That is what a real depression is). That's when life-threatening (no dumpsters left to dive in) poverty will be felt. All the "broke" government will do is exploit the situation and declare self rule a failure.
OneForFreedom Wrote: Nov 06, 2012 11:44 AM
When the host (productive citizens) dies, so does the parasite (government). Maybe it won't "go broke" but it can fail completely.
MoreFreedom Wrote: Nov 06, 2012 11:43 AM
Governments do go broke. Buchanan lists several that have already declared bankruptcy. Even nations go broke - check out the Weimar Republic. Due to hyperinflation and the German debts, Part of Germany was invaded and companies were taken over by Belgium and France.

When the US government starts paying the troops with paper money that's worth less than the paper it's printed on, the troops will quit.
OneForFreedom Wrote: Nov 06, 2012 11:51 AM
MoreFreedom - I'm not sure about the troops themselves, but the companies producing the tanks, planes, guns, bombs, etc that those troops use, will quit, unless forced at gunpoint to keep building. At that point, what sort of country will we have?
"Are the good times really over for good?" asked Merle Haggard in his 1982 lament.

Then, the good times weren't over. In fact, they were coming back, with the Reagan recovery, the renewal of the American spirit and the end of a Cold War that had consumed so much of our lives.

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The demographic and economic realities do not permit it.

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