As the big bank resuscitation continues to accumulate debt, few seem to see debt itself as a threat. The largest debtor nation in the world is getting substantially more in debt each day, as the “capitalist” on Wall Street keep begging at the door of an accommodating Treasury.
Now, they are talking about a trillion dollar annual deficit. It was 455 billion at the fiscal year that ended Sept. 30. A trillion dollars is 7% of the economy. These are, like, after WWII figures.
During the Democratic Party primary season one candidate used a 30 second television commercial showing the President taking a 4:00 A.M. phone call, the message being an emergency. That phone will ring! The world is full of uncertainty and volatility. It could be a foreign invasion, disease outbreak, natural disasters, communication and transportation crisis, terrorist, or any number of things and it is sure to happen in time. All national emergencies require vast sums of money to address. Because, we as a nation, are effectively broke we cannot take the call.