[pierre shags]

"It's been borrowed. Worse, it's been counterfeited by the Fed thru treasury purchases."

'Twas ever thus.

The Roman emperors feared overthrow and death if they taxed their citizens too much. But the proles were used to government services - bread and circuses (they wanted 'stuff' and 'things') - but didn't feel the economic connection between taxes and services. Having the best civilization so far (arguable!) had its costs. How to pay for it? The emperors diluted the coinage. So the confidence in the currency was reduced and businessmen decided to trade elsewhere. The empire fell (there were other causes).

Same today. Legislators want to be re-elected, so are afraid to tax. We want our beef inspected by the government, federal money for New Jersey citizens after Sandy, our 'socialist-leaning' Medicare. The tax-cheat 'patriots' pledge to never raise historically low tax rates. We want someone else to pay for it - so the government prints more money. Having the best civilization so far (arguable!) has its costs. Will we pay them or will our empire fall?