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Thursday, October 15, 2009

Great Jefferson Quote

We must not let our rulers load us with perpetual debt. We must make our election between economy and liberty or profusion and servitude. If we run into such debt, as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our calling and our creeds...[we will] have no time to think, no means of calling our miss-managers to account but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers... And this is the tendency of all human governments. A departure from principle in one instance becomes a precedent for[ another]... till the bulk of society is reduced to be mere automatons of misery... And the fore-horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression.
What I fear most of all is that we will see spiraling inflation as a result of trying to print enough worthless money to pay off all the incredible debt we are piling up--and yes, the Bush administration and Republican congress spent way, way too much, but the Obama administration and Democratic congress are succeeding in making even the Bushies look frugal--and the resulting economic and social pressures, added onto the stack of problems trending toward balkanization, will ultimately succeed in breaking the country apart.

No, obviously, I don't expect that to happen next week. But I am concerned that it might happen within my lifetime.

Think it can't happen? I suspect that you have no idea how bad these things can get. At one point before Napoleon took power in France, the situation was so bad that the laundry women were calling for the death penalty for people who sold soap at too high a price. Of course, the escalating prices were driven by an enormous increase in velocity, the speed at which money changes hands, which was driven by France's horrible monetary policies--policies from which the Obama administration and the Democratic Party seem to have learned nothing.

Interested in the concept of velocity? You probably haven't heard of that one before. Most people haven't. Try reading this little book.

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