The Future Loan Sharks

It is rather daunting to see the debt clock in down-town Manhattan, which shows the money each individual must contribute to combat our growing deficit; moreover, it enables us to extrapolate the amount our children and grandchildren will owe our debtors in the future.

Those who read this site know that Verily Prime seldom opines on matters of economics because it is not my forte… and that it is an area of study where the players (economists) are schizophrenics - You know the phrase, “On one hand, but on the other hand.” There is no certainty in that science, if I could call it that, and I have to agree with my Contracts law professor who said that he just hope to one day meet a one arm economist.

This debate about fiscal prudence shouldn’t be a left or right issue; it affects us all. Think of all those countries we are privy to whose currencies are virtually worthless… some, we have taken advantage of by vacation in these countries because the “Greenback” took us far in our purchases. I am in no way suggesting that those who are engaging in profligate spending do not love their children or grand-children, but I see them as looking at the issue as one of degree, thinking that the situation is not as dire.

Some weeks ago, our rating agencies say in less than a decade our credit worthy profile would be akin to junk status. Once again, extrapolate and think of the kind of lifestyle this resulting super-inflation and the like would have on our children’s way of life?

We only have to look at our own personal budget woes and juggling to have clues as to how our children’s lives will be.  I myself is keeping hope alive for the day when I will see this one-arm economist, but I am also mindful of the sobering fact that the future loan sharks will not be wearing the typical wife-beaters and armed with Louisville sluggers, but probably representing two countries: one whose flags is lime green, accompanied by a menacing sword (Saudi Arabia); and the other being an almost ruby-red colored flag… with accompanying stars, which represent the Republic of China.