Wednesday, December 29, 2010

A Look At The History Of Public Debt, And the Conflicts That It Spawned

The West And The Tyranny Of Public Debt -- Newsweek

The history of public debt is the very history of national power: how it has been won and how it has been lost. Dreams and impatience have always driven men in power to draw on the resources of others—be it slaves, the inhabitants of occupied lands, or their own children yet to be born—in order to carry out their schemes, to consolidate power, to grow their own fortunes. But never, outside periods of total war, has the debt of the world’s most powerful states grown so immense. Never has it so heavily threatened their political systems and standards of living. Public debt cannot keep growing without unleashing terrible catastrophes.

Read more ....

My Comment: After reading this article, one should not be assured that our financial crisis will not spawn the same outcome in the form of wars and internal revolts. This is a brief but excellent analysis .... read it all.


Simon Stone said...

"Food, water and ammo", seems to be the only means of relative protection, left for the common US Joe.

Mark said...

lol that article sucked.. it can be summed up as "Be fiscally responsible, or else" .. not really big news, is it