America hater? Pathetic.

Total (+Contintgent) liabilities in the $70-90 Trillion range. GDP 14T (and inflated). Annual tax revenue $2.5T going to $3.5T (with no tax hikes) by 2013. Annual outlays: $2.9T going to $3.5T in 2013. So just on the increasing debt load alone, every 1% rate increase cost the US government $100B (essentially little less than an offset to Iraq war cost). So on budget, a move in the yield curve more than offsets any cuts from Iraq. Any wonder they are front loading the debt issuance on the yield curve? During GD I tax revenue fell ~40% peak to trough (’31-33). Assume 10-20% and you get another $500M in debt, assuming no cuts.

“Captain Ramon” – if we had a few more people who spent a little more time on introspection than wallowing in what was, the US would be in a vastly different state (arguably more competitive, better positioned and less indebted). As for malthusian nonsense about caves, a cute rhetorical tactic, well time will tell I suppose. Maybe that is the reason for the neo moonshot banter. Are there limitless resources, no. if there were then the green movement wwould have long since died. The race for those resources is no longer got mad in America on it. China is not Russia. India is not USSR. The USSR never called the US up and told them to back Agency debt, as much as I can remember.

Are these up and comers disfunctional? Yes. But technological diffusion ensures that monoploy rents are ending. Ask yourself, in a world without leverage how does the US grow?

The US is an amazing place, it has just lost its soul. The argument is about how best to adapt the model to meet the future. Moonshots like resources on mars and time travel are best left to Darpa and their brethren around the world. Denial, Anger, Barganing, Depression,
and Acceptance…