There's No Painless Way Out
Uncle Sam's bills of almost $4tn per year relative to his income of just over $2tn means that he does what most American's do - he borrows money - and it is this simple fact that underpins the reasoning that there is no painless way out of the mountain of debt that we have amassed over the last few decades. While none of this is new, the straightforward nature of this video's message makes it hard to argue, from anything other than an ivory tower, that this supposed self-sustaining print-and/or-borrow-fest can go on forever. Paying off your mortgage with your credit card remains the clearest analogy of what is occurring and while the Mutually Assured Destruction case is made again and again for why the analogous credit-card-providers will never halt our limit, it seems increasingly clear that the fiat money fiasco has switched regimes to chaos rather than the apparent nominal calmness of the great moderation.
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