Yesterday, the United States government agreed in principle to provide almost $8 trillion on behalf of American taxpayers. The complete story is available on Bloomberg and various other sources. The amount is more than one-half of the value of everything produced in United States last year alone.
The question of who is going to pay is settled. The citizens of the US are. This agreement is tantamount to repealing the Thirteenth Amendment to the United States Constitution which reads in part, “Neither slavery, nor involuntary servitude, except as a punishment for a crime…shall exist within the United States.”
If you think this is extreme consider this question, can I opt out of contributing without being put in prison? The answer of course is, no!
As a reminder the $8 trillion mentioned above does not include the unfunded liability for Medicare, Medicaid and Social Security. Our lives and our fortunes have been pledged to the government. We, in the United States, are all slaves.
Once again, the Feds have come to the conclusion that some business should not be able to fail. This time it is the Federally chartered lending institutions. When are we going to realize that not allowing failures leads to more risky behavior.
One Friday evening in early December 2001 at John’s Pizzaria on West 45, my friend Philip Schwalb shared his vision with me.
“There are over 250 museum’s on the island of Manhattan. None of them are dedicated to sports,” he said. The bulb went on. He intended to build a new museum for sport in New York City. The Hall of Halls he dubbed it. He described how the rooms would be themed. “The floor of the hockey room would be white and slick with blue and red lines. The basketball room would be in parquet as a nod to the great Boston Celtic teams.”
Phil pursued his dream, often are great personal expense in every way.