Marx Rising

Karl Marx must be gleefully watching the European Debacle unfold. This weekend we saw the EU asking Germany to borrow on their citizens credit at 8% to loan money to Spain to prop it's outrageous public welfare system, where Germany will earn 3% if it is lucky enough that Spain actually decides to pay it's debts for a change.

There is a lesson here for those champions of Obamanomics. You can only borrow and print as long as people are willing to buy your debt. Unfortunately for America that time ended in 2011. Since that time the Federal Reserve has become the Nations Largest Creditor, taking China's place. This means that Foreign Nations no longer see America as a good enough economy to invest in, We are resorting to buying our own debt, under Obama. This is the economic equivalent of throwing a mortar round on the bonfire, then pouring Jet fuel on top. Greece and Spain here we come!

While our spineless politicians in Washington, from the President on down bury their collective heads in the sand, and whine about the folly of trimming our debt. It is disengenuous at best, an outright lie at worst, for the President to claim that "“I’m running to pay down our debt in a way that’s balanced and responsible. My opponent won’t admit it, Since I’ve been president, federal spending has risen at the lowest pace in nearly 60 years. Think about that.” After he increased federal spending by $1 trillion+ per year, and added $5.6 trillion to the debt.