Monday, December 01, 2008
Here is Angry Sam Owen!
Economic Chicken Little Angry Sam sez:"Defecits don't matter"!
Tell that to the Aztecs, Romans and Soviets!
Unprecedented? I think not!
How does one feed one's family with defecit? Can you bake bread from next years wheat? Can your unborn grandchildren pay for today's meal? This hand has been played before. It is the fate of empire. It is the fall of Aztecs minus the coronary extractions. It is the fall of Rome with fewer senators sleeping with their sisters. It is the fall of the Soviet Union with shorter lines.
When an empire consumes more than it creates, it is bound for failure. It is surplus that gives life. It is surplus that allows for trade. It is surplus that gives birth to art, science and improvements. It is surplus that allows us to survive lean times and lean times are upon us, my friends. Failure is inevitable when the seeds of next years crop become today's porridge.
Sam in happier times!