Hard to Take a Bone from a Dog

June 27, 2011 04:30

Only if politicians begin once more to put their country before their party and political careers will it be possible to avert a catastrophic currency collapse.

By John Browne at Capitalism Magazine


As the American leadership begins to grapple with very large issues of entitlement reform in “sacred” programs such as Medicare and Social Security, many may recoil from the task once the fangs begin flashing.

According to polls, 77% of Americans feel the U.S. Government must cut spending. But when it comes to specifics, the support melts away very fast.

Because the U.S. dollar is the international reserve currency, the Fed has been able to camouflage its debasement for decades.

Only by enacting massive reforms of major entitlements, which includes cuts to Social Security and Medicaid benefits, and reductions in military and domestic spending, will America be enabled once more to balance its books, generate real wealth, and issue sound currency.

But given all that we know of how politics works in America, how many elected officials will grab the bone from the dog’s mouth and pull?


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