Leave it to conservative pillar Pat Buchanan to be the first one to discuss the inevitability of national default in his newest commentary. His logic is unimpeachable. As this blog has also pointed out, there are no other options.
If we cancel our debt now, at least our economy will still have a chance, and we can avert a Greater Depression.
If we put it off, we will be driven ever more inexorably towards the necessary fact of total default, but we will be living in an economic hellhole by then, when a default might actually be destructive.
Defaulting now, while the dollar is still the world reserve currency, while our military might is still unchallenged, before our demographic collapse occurs, while our economy can still recover, NOW IS THE TIME!
Waiting until there is widespread social unrest, when the dollar is worthless, when the economy is in shambles, when our enemies are ever stronger, that is not the time. But unless we use some common sense, that is when we will end up doing it.
Let us declare our Jubilee Year now!
See Buchanan's insightful article on our economic predicament here.
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