- Posted November 28, 2012 by
This iReport is part of an assignment:
The fiscal cliff: Messages to Washington
Why We Should Not Fix the Debt
What I am is a person that, for the purposes of this article, hopes to entertain and enlighten. So here's the low-down on why we should not fix the debt, cut the deficit, implement austerity or anything else of this nature:
Debt and inflation are not evil twins. Nor are debt and high interest rates. That's why, despite our record debt, interest rates and inflation are low. You see, the fiat currency of a sovereign nation cannot be destroyed as long as the printing press exists, and particularly so for a reserve currency like the USD$. That's why the Yen is still around, and Japan has yet to fall into the sea.
That's also why the U.S. will never be Greece, and why the EU and its common currency are destined to fail due to its poorer members' self-induced ceding of sovereignty and domestic wealth to the likes of France and Germany.
There will always be demand for dollars. The reserve currency cycle can never be broken, so as many dollars as we print will get get gobbled-up.
Stop the madness, and look at the empirical data. Controlling debt and balancing the budget is NOT the same as balancing your checkbook UNLESS you're depending on a foreign entity to give you its currency.
The printing press is not the enemy, it is economic sovereignty.