LOL wow somebody actually followed history. People forget why the Fed and such were created. It is not because people wanted power. It is because the United States constantly went bankrupt.
OK, but the current iteration was started at the end of WWII. The Bretton Woods Agreement paved the way for most economies of the world (free and not free) to move toward rebuilding. It was a daunting task. Military people like Gen. George Marshall, Gen Dwight Eisenhower, etc., knew that starving cultures/economies were one small step from never ending violence. So the U.S. Dollar became the reserve currency. America's trading partners around the world were encouraged to manufacture products, sell them to the U.S. At least that built factories, created jobs, fed the local masses in those 2nd and third world countries. So it was a variation of Mercantilism, without the export of raw materials. But as H.Ross Perot (RIP) noticed the "sucking sound of jobs leaving the U.S (1992)., no provision was created to end the economic program. In the 1970's, Henry Kissinger (advertised as the smartest man in America) realized that the U.S. was sufficiently impoverished by this plan that POTUS Richard Nixon would have to remove the U.S. Dollar from the gold standard. "Funny Money" became the currency of the realm. The earlier "National Bank" bankruptcies were small change, compared to this $34Trillion of debt. There's a cult movie "Amazon Women on the Moon". It's cult because you need to be either drunk or high to get it. It's a sci-fi movie, what is free at 2:00am the ads in the scifi movie are hilarious "Going out of business sale" Somebody is selling the original Declaration of Independence to the first caller ... $15. Invite your friends. *** WWII was just the sequel to WWI. Followed as night follows day. So what is coming is WWIII, is it the sequel to WWII ? or in the military tradition: "Might makes Right." *** The very large problem with the U.S. relinquishing control, is the gaping hole in Freedom of Speech. The world will enter a Dark Age, no tech advancement. That's just basic history.
U.S. share of world GDP in 1980 1st year of Reagan's first term - 25.16% Current U.S. share of world GDP - 26.30% But how can that be you say, didn't all the jobs leave. Ross Perot is a good one (back in the day) talk about jobs leaving and big gubmint and all. His company EDS was a government contractor. Of course he wanted smaller gubmint and a much, much larger EDS. Bring down cost wink, wink.
Is Buffett correct that limiting reelection will limit the deficit? Will the four no votes post their thinking.
So if there's a world war the US will have to sit out because the deficit could exceed Buffet's 3% of GDP ? Politicians are middlemen between the corporations and the electorate. How many of you believe the US is a country and not a business conglomerate masquerading as a country? If you understand what's going on, then there's no need to talk about the debt.
%% Sounds mostly right, good law in some respects; but there is usually a remnant with common sense. So those that believe in a Dave Ramsey budget + vote that way; they get to stay+ win LOL So, no ,cant doom the whole bunch with a right remnant......................
Buffett is correct, but his remark is tongue in cheek. Although it might be a good idea to introduce reasonable term limits for Congress, it's an extremely bad idea to limit deficits in any one year to 3% of GDP. Setting a target for the aggregate increase in the total deficit over twenty years relative to GDP growth might be a good idea however. I'm sure Buffett knows this.
If there were no deficit spending there would be no money in the economy. All net, new money appearing in the private sector economy is due to deficit spending by government. Bank loans create temporary new money, but they net zero new money. The largest component of the "Money Supply" is this temporary "bank money". It disappears when the loans are paid off. Deficits from time to time are essential. The problem the U.S. has is not taxing enough. This has created an aggregate deficit that is growing a little faster than GDP. Economists argue about what the long term consequences will be. I am of the opinion that it could lead to positive feedback in the rate of deficit growth; thus exponential growth in debt servicing cost such that non-discretionary spending begins to limit the amount of discretionary spending that can be accommodated without creating excessive inflation. (U.S. debt is actually Ersatz Debt, as no nation can borrow the money it "prints". The only nations that have real debt are those forced to pay off debt in a currency they can not print. There are plenty of nations that have real debt. The U.S. is not one of them however.)
%% MAYbe; maybe not. 7 days from May 7th. 5-14-24 General + Pres AndreW Jackson did it/7th President. Nickname ''old hickory , one of the toughest tree$ in the woods LOL