Posted by RodInNS on February 28, 2014 at 06:42:47 from (216.118.158.123):
In Reply to: Re: Bitcoin posted by Bret4207 on February 28, 2014 at 03:54:27:
LOL. Yeah, I think Warren has a better image than mabey he ought to. He's no saint... but there is a lot of wisdom in what he says. On debt... I think you underestimate the role of the deficit vs debt. In this country we swung a 40B deficit in the early 90's to something like a 20-30B annual surplus by the early 2000's at which point they started lowering taxes and paying off debt. IIRC they retired something like 100B up to the 2008 mess when they started spending again. That 100B here would equate to probably 1t in US debt as an order of magnitude. That reversal in government policy here had a massive impact on the economy in spite of the fact that there is still a fairly large debt in relative terms. Not nearly as large as the US debt mind you... but large.
I really don't see where you're coming from when you say there's no limits on US currency tho... It's limited by the policy of the Fed. If you view control of the Fed as the limiting factor... I guess I see your point in that it's not limited by every whim of congress. Given the foolishness that takes place in congress and their absolute inability to reign in their own fiscal problems... I think it's more than prudent that they not have direct control of currency regulation. That would be an unmitigated disaster. One big issue I have with the US system of government, from where I sit... it seems that nobody has a clear mandate TO govern. Everything is a trade off to pay off someone else to get somebody's vote.... where everybody supports somebody else's bad policy so they get that person's support when their turn roles around. It's just a miserable way to develop policy.
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