from Sovereign Man:
On May 28, 1816, Thomas Jefferson penned a letter to his friend John Taylor deeply criticizing the use of debt to fund a government’s excessive operations:
“[T]he principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale,”
Public debt is a weapon of mass destruction that constitutes theft upon future generations.
And as Jefferson argued in the letter, every new generation has the right to be born onto this planet unencumbered by the debts racked up by their ancestors.
But that’s not the way it is anymore.
Governments, like many individuals, no longer follow the Universal Law of Prosperity: produce more than you consume.
Instead there’s a sense of entitlement.
Politicians seem to believe that because the US is the dominant superpower, its balance sheet doesn’t matter, and the government can spend as much as it wishes.
All of this is enabled by a financial system where unelected central bankers conjure money out of thin air and loan it to the federal government so that no hard choices ever really need to be made.
(This system reflects Jefferson’s words in the same letter that “banking establishments are more dangerous than standing armies. . .”)
But this is incredibly dangerous and short-term thinking.
By its own financial statements, the government of the United States is insolvent.
Several of its major trust funds and institutions are already insolvent, or quickly heading that way:
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