Final Word from Thursday, June 2, 2011

The unspoken reality is that the U.S. debt is so large that theonly possibility for effectively dealing with it in the mid-term- other than defaulting on it - is confiscation. This can come inthe form of hyperinflation or outright government seizure ofindividual and corporate assets. Either form of confiscation ona large scale would mean the end of the U.S. as we know it. Acountry that spends 35% of its federal tax receipts on defense- mostly nonproductive offense, actually - is not long for thisworld anyway. Obama wants to enact fiscal control by taxingthe current income of the rich more, yet without going afteraccumulated wealth, this would only be a drop in the bucket.In the CR, the defense budget is small, but the "theft" budgetis so large that no reversal of the spiraling national debt canbe expected. Like Obama, ČSSD wants to raise the income taxon the wealthy, but it could just as easily be the Right as theLeft that concludes in the not-so-distant future that confiscationof accumulated wealth is the only viable solution.

Glossary of difficult words

to dare - to have the courage to do something;

to default - to fail to fulfill an obligation, esp. to repay a loan;

tax receipts - the amount actually raised in taxes (not including the amount borrowed);

nonproductive - not producing an economic benefit;

not long for this world - about to stop working or existing;

a drop in the bucket - an insignificant contribution toward solving a problem;

viable - capable of working successfully; feasible.


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FS Final Word