David Craig, on January 3rd, 2013As stock markets shoot up and pundits gush over the supposedly “historic” deal on the U.S. budget, you’d get the impression that the world’s economy has just been saved from disaster. Particulary if you listen to the superficial, politically-correct�buffoons the BBC employs as “journalists”. After all, for them anything Saint Obama does is considered a triumph of the forces of democratic good over republican evil.
But once again, the “experts” getting carried away with enthusiasm seem to be confusing deficit with debt and see every attempt�to slow the growth of�the U.S. deficit as�bringing economic salvation. But like Britain, the U.S. is practising that form of economics perfected by those two arrogant, bungling incompetents – Gordon Brown and Ed Balls. We could call their theory “borrownomics”. The laws of Brown’s and Ball’s borrownomics are simple – the more a government borrows and wastes, the wealthier everybody is. It doesn’t occur to Brown, Balls and BBC economic “experts” that governments have to pay interest on borrowed money, which sucks tens of billions out of the economy and that at some point the borrowing has to be repaid.
Hopefully the chart below shows what’s really happening in the U.S. The red line is U.S. government debt. The straight lines indicate how the U.S., practising Brownian and Ballsian borrownomics, keeps raising its debt ceiling – after all, the more you borrow, the better off you are, aren’t you?
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