[ExI] u.s. military oath

[Damien Sullivan]

On Sun, Jul 26, 2009 at 07:29:04AM -0700, spike wrote:

> Ja.  US states must balance their budgets by law, for they cannot simply
> print more money.  The fed acts as if printing more money is somehow

Their own constitutions, not any higher law.  They could easily choose
to have countercyclical budgets balanced over the long term.

> creating wealth, when in fact that process usually destroys wealth by
> discouraging productive investment.  We are seeing huge amounts of US

Your "facts" are not my facts, or those of Keynesian macroeconomics.
Also, no one's actually printing money yet; we're borrowing.  It's an
unproven conceit that the debt can only be paid through future printing.

> capital flowing into idle gold, because investors fear the printing press
> and are scrambling to preserve some capital until such time as adult

Funny.  Other investors are willing to lock up their money in 
30-year mortgages for under 6%, or to loan it to the US for 10 years at
3%.  Not exactly signs of fears of high inflation.

> If Obama, Reid and Pelosi do manage to pass a constitutional balanced
> budget amendment, I will cheerfully overlook all their other faults,
> and consider them a good management team.

I'd consider that a disaster, flying in the face of practice and theory.

-xx- Damien X-)