USA: TODAY’S WEIMAR REPUBLIC?
America is piling up debt like crazy. As of fiscal year 2013, our federal government was borrowing 46 cents of every dollar it spends, with seemingly no end in sight. Our national debt is almost $20 trillion, and unfunded liabilities are approaching a quarter of a quadrillion dollars. Unfortunately, or fortunately, there eventually will be an end. There has to be.
Article I, Section 10, of the Constitution: “No state shall emit bills of credit, make any thing but gold and silver coin a tender in payment of debts, coin money.” The Founding Fathers knew that irresponsible governments would print paper money, backed by nothing, overspend and devalue the currency, causing “inflation” and destroying the economy. But did we listen? Of course not.
In 1971, during the Nixon administration, we officially went off the gold standard and unpinned our paper money from anything of real or intrinsic value. George Santayana is quoted as saying, “Those who cannot remember the past are condemned to repeat it.” Many question the brilliance of the founders who have warned us of virtually every major mistake our country has made, yet still we don’t heed them. read more