Good one Rickl. We are in the era of farce, a musical comedy, and we should always have appropriate musical accompaniment.
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Catastrophic as in Weimar or Brazil with the middle class buying anything durable (pianos in non musical households), anything that would be of value after the money consumed itself. Or as in a repetition of our last conflagration. I think most of the Democrat leadership are aware of history and will not push this past the point of no return.
Ultimately I have faith. I see good and noble men and women, Paul Ryan and Sarah Palin for example, trying to achieve a positive outcome and I believe there are many waiting in the wings. The Tea Party scored 40 wins this past election and leadership pealed off 20, sad. But that also indicates we have gained a solid 20. I also think there are rational folks on the other side of the isle talking in private and waiting for an appropriate time. That will be the positive political solution.
The worst part of this situation is perception. We are not there yet.
And plotting on the parts that make up the debt is a distraction.
If one has a debt he pays it. If one owes Master Card $50K one pays it, it makes no difference what names are in the itemization, the whole debt is owed. If one doesn't have the money he gets a second job, works longer hours, takes on more clientele. Our problem is the idiot prince who will not allow us to go to work. He burns our food, stifles our resources, and spends our reserves. He and his merry band of regulators and lawyers are the problem.
The only thing necessary to turn this crap sandwich around is the elimination of regulation turning loose the engines of industry. We will have a solid dollar, security, and ample revenue. If they do push this past the point of no return events will be unimaginable and financial planning for most of us will be moot. I have faith in America, it's people, and God who fortified and guided us in our genesis. We are going to be OK.