So says California State Treasurer Bill Lockyer – and I believe he’s correct. With California’s State deficit possibly going to $40 billion over the next two years and one city already declaring itself bankrupt in a move which might well become a trend in California municipalities, we can say with some confidence that California, in large measure, is bankrupt. I also happen to think that not only is California bankrupt, but the United States and the entire world is broke. We’ve got this absurd financial house of cards which is “financed” by fiat money, the value of which can change minute by minute. The world is riddled with debt, a very large portion of which is actually unrecoverable (meaning that the options are to write it off, or figure out some way to loan money to the borrowers to pay off current debt holders and hope that no one ever figures out this is a Ponzi scheme). Resources are locked away at the behest of environmentalist kooks. Government confiscates wealth from some to give it to others. Aging populations equal a massive unfunded mandate around the world as fewer and fewer workers are depended upon to provide pensions for more and more retirees. The crunch has come – fake money and quasi-socialism have done all they can to mask the utter failure of the Statist-Corporatist model.
Time for a change. And not just hopeful change – but real change. A change which will put our fiscal house back in order with hard money, balanced budgets and a rigid adherence to sobriety in our financial decisions. The free ride is over, and its time to pay the piper. The good news is that the catastrophe isn’t permanent – unless we make it so, as FDR and his Democrats did back in the 1930’s.
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