Map of life expectancy at birth from Global Education Project.

Monday, September 22, 2008

When you find yourself in a deep hole

Stop digging you fucking morons!

We are in a very deep hole because we have been living beyond our means by borrowing trillions of dollars from foreigners. Now we have an enormous national debt that we will have to repay, even as the aging population means we're going to have to come up with more money for Medicare and Social Security, we need a massive investment in renewable energy and environmentally sustainable transportation, and we need to invest even more money in minor projects like moving entire cities away from the rising ocean. So a portion of that debt turned out to have bogus collateral and various institutions that perpetrated the fraud in order to enrich their executives are now going bust as the Ponzi scheme collapses.

So what are we going to do to get through this? Borrow a couple of trillion more dollars and kick the whole mess down the road. CNBC adds it up for us, and the $700 billion Secretary Paulson is demanding to bail out his banker buddies is only the beginning. In fact the total bailout, including what's already been committed and what is being proposed, amounts to $1.8 trillion -- that is 1,800 billion dollars. All of which, 100%, we are going to borrow. From foreigners. That's the plan to "rescue" our economy. (Read it.)

I really don't think so.

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