Infinite Power – Itty Bitty Living Space

Furthermore, while saying the federal deficit does indeed need to be curtailed, Mr. Bloomberg argued the United States could owe “an infinite amount of money” and there is no specific amount that would cause the country to default.

Politicker, Colin Campbell

Really Mayor Bloomberg?  How certain are you of that little assertion?

Infinite debt would mean that the debt issued currency is worthless.  Do you really want to open that can of worms?  Do you really want to tell everyone who lives in this country, openly, that their wealth is nothing but debt notes – essentially IOUs?  I know you are a fool, but stop speaking and confirming it for all the world to see.

Here is the God-honest truth.  For the United States, or any other government, business entity, or individual in existence to spend beyond their means, they must have someone, a government, business entity, or individual, willing to front their own capital as credit for them to do so.  This is how deficit spending works.  Bonds, certificates of deposit, corporate paper, stocks, funds, etc… they all exist fundamentally in order to enable credit-based spending by someone.

Mayor Bloomberg, what happens when suddenly no one is available or willing to lend money for deficit spending?  Will the Fed charge to the rescue?

The Federal Reserve is already up to their eyeballs in bad debt with the so-called recovery and the paper shuffling and outright fraud that occurred in order to deceive the American public and the world that the debt intrinsic within the government-manipulated mortgage market had been properly cleared from the balance sheets, when in fact it had simply been shifted to the Reserve’s books and off of the lenders’.

The problem is that spending can not increase in perpetuity.  Without actual wealth generation, any currency creation beyond the available pool only serves to devalue the currency across the board.  This is a basic economic law.  Supply, demand, and valuation are intrinsically linked and the mathematical relationship between them CANNOT be tinkered with as it is outside of your, and anyone else’s, control.  That economic law is as concrete as the laws of thermodynamics, the principle of conservation of mass, and the speed of light.

And here’s where the essential problem is for progressives – they deny the absolute nature of this world.  They may give lip service to the constant relationships that have been measured, but they do not believe them to be true, or worse, they believe that they themselves have the power, wisdom, and ability to rewrite these constants as they see fit.  This is megalomania writ large.  This is equating yourself with God.

In the course of human history, these men have all met the same end.

God save us.

III

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