American Consequences - October 2017

them have a debt burden they can’t afford. So out of the four ways to reduce our economy’s debt burden, which do you think we’re going to try next? It’s a jubilee. And just like Shirley Jackson’s lottery, it’s likely to be incredibly violent... with the young violently taking from the old. President Trump comes up for re-election in 2020. That’s 49 years to the day since the last jubilee in America, in 1971. That’s when Nixon repudiated our government’s debt by abandoning the Bretton Woods gold- standard system and telling our creditors, who had been promised payment in gold, to “go pound sand.” Since then, total debt in America has soared from around 100% of GDP to close to 400% of GDP. Many of you can remember the 1970s. The violent protests. The soaring inflation. The feeling that the country was coming apart at the seams. Well, this time will be about four times worse. The jubilee is coming. And you’d better get ready for it. Keep a copy of this issue of American Consequences filed away... Share it with your friends. Remember where you first heard about the coming jubilee. And send us your comments at feedback@ americanconsequences.com .

Many of you can

remember the 1970s. The violent protests. The soaring inflation. The feeling that the country was coming apart at the seams.

The jubilee has started. You haven’t seen it yet. But it’s there. Mark Zuckerberg (founder of Facebook) recently toured all 50 states. His message: we should forgive all student loans and offer a guaranteed income to every American. Likewise, both the Hillary Clinton and Bernie Sanders campaign pledged to forgive student loans and make college “free.” There is a fourth way to deleverage an economy. I already mentioned the three normal ways: austerity... default... and money printing. You can also redistribute the wealth. That’s the jubilee. We’ve been trying the first three ways for almost 10 years. They haven’t worked, at all. Instead, the debt burden has only grown larger, and it has grown fastest on the backs of the poorest members of our society. This does not bode well for the stability of our country. Think about it... Most of the voting households in our country can’t handle a $400 emergency. Millions and millions of

American Consequences | 29

Made with FlippingBook Online document