Posts Tagged ‘debt’

COMING APART?

Monday, July 6th, 2015

NOTE (13JUL2015): Another nation addicted to debt gets another financial “fix”. Greece and its competitors have reached a tentative agreement to kick the proverbial can down the road for three years. The politicians and bureaucrats can rest easier for the moment, which to them is all that matters.

Several years ago, the Greeks and their creditors could have made an agreement with teeth along the lines proposed on this site. See “Eurozone On Fire“.  They did not. Consequence? The latest crisis.

Does this new agreement contain real contingencies?  If, once again, Greeks break their promises, what will be the consequence? Nothing, as usual?

So it goes. So it has gone.

“To relieve the present exigency is always the object which principally interests those immediately concerned in the administration of public affairs. The future liberation of public revenue they leave to the care of posterity.” -Adam Smith, The Wealth of Nations (1776)

Debt. Consumptive debt. Not productive debt.

Productive debt = risk. Consumptive debt = disaster.

“Mundus vult decipi, ergo decipiatur. The world wants to be deceived, so let it be deceived.” -Petronius (1st-century A.D.)

They who manipulate the system know. They know but dare not speak publicly. They fear the mob. The know the mob. It wants only good news no matter how false not bad news no matter how true. One cost of democracy.

To tell the truth — to state the facts — to admit to that which they have done — would mean loss of office; loss of power; perhaps, even loss of life.

Gain one more year. One more month. Even one more week.

Yes, another seam has given way. Can one stitch of more debt or two hold together the shredding economic fabric? Maybe. Maybe not.

So, they who manipulate the system meet and meet and meet with one another. In large groups. In small groups. In threesomes. In twosomes. Meeting with others makes each feel less affrighted. Humans are hard-wired that way.

Alone, fright becomes overwhelming. Alone, they feel compelled to admit the truth if only to themselves. Worst of all? Alone at night . . . in the dark.

Some pray. Some curse. Some cry.

Some obsess about options. Some obsess about suicide.

Yes, another seam has given way, leaving a hole that begs to be filled — but with what? Will the hole widen uncontrollably? Does the hole signal the end of an economic charade decades long? Maybe not now. Later but not now.

Admittedly, some day there must be consequences — truly, bad consequences. After all, behavior does have its consequences (Inescapable Consequences).

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HOW AND WHY?

Monday, July 21st, 2014

“An autopsy of history would show that all great nations commit suicide.” -Arnold Toynbee (1889-1975)

How is it that a substantial percentage of Caucasians of European descent is so eager to cede territory, wealth, culture, and biology to insatiable, outside forces? What are the controlling factors . . . not mentalistic and subjective factors but physical and objective ones?

Satiation: n. The state of being satisfied fully or to excess.Webster’s New Collegiate Dictionary

The single, most important factor is satiation. Operating in a context of satiation, behavior comes under the control of adventitious events . . . often destructive if not fatal . . . events such as the welfare of children in other countries plagued by self-imposed deprivations rather the welfare of their own children and grandchildren here in an America suffering self-imposed decline.

Decline? America in decline? Indeed!

The People’s Republic of China now officially views the United States of America as a “nation in terminal decline”. It is not alone. If true, how did it happen?

Many Americans of European descent have become so obsessed with meeting the demands of so-called minorities of various colors and stripes that they are willing . . . nay, eager . . . to sacrifice the security and prosperity of the entire nation. America has descended into a cycle of debt, defeat, and degradation partly in order to please groups that give little but take much.

What are some of the hallmarks of this national decline? Outside, political groups seeking and gaining the “right” to buy local elections. Parasitic lawyers, merchants of misery, seeking and gaining the “right” to sue American commerce into bankruptcy. Ideologically-driven teachers seeking and gaining the “right” to indoctrinate American youth with anti-American and anti-Western propaganda spewed by the likes of Alinsky, Chomsky, and Zinn. Politicians, bureaucrats, and profiteers seeking and gaining the “right” to control the practice of medicine. Illegal aliens clamoring in American streets, seeking and gaining the “right” to pursue their unarmed invasion of American soil. Indolent, racial minorities seeking and gaining the “right” to the fruits of other people’s labors. Sexual perverts seeking and gaining the “right” to undermine traditional American and Western . . . nay, human . . . values, destroying the framework of society, the familial structure dedicated to its children. These hallmarks and others signal a nation in decline . . . perhaps, terminal decline.

America is descending into a pit so deep and dark as to legitimize . . . nay, officially to legalize . . . abominable perversions never before so sanctioned by any previous society, advanced or primitive. Those who justifiably and rightfully oppose this descent into an immoral Hell find themselves castigated with vexatious and vicious epithets broadcast publicly loudly and widely and often punished by loss of employment, loss of friends, and even loss of liberty via prison. Such is the New America . . . touting licentiousness in the name of liberty . . . repression in the name of security . . . tyranny in the name of freedom!

Why is it that a substantial percentage of Caucasians of European descent are so eager to cede territory, wealth, culture, and biology to insatiable, outside forces? That question . . . Why? . . . is a question to be answered not by science but by theology and philosophy. God’s will? Satan’s evil? Fate? Chance? Pre-destination?

Whatever the case, one morning in the not-so-distant future, we Americans may awaken to a dawn of despair. The old context of satiation will have ended. The new context of deprivation will have begun.

Now, not then, is the time to resist. Now, not then, is the time to begin to return America to its rightful place as the international model for those who yearn for the natural, God-given rights of life, liberty, and the pursuit of happiness.

How? By establishing a new political party based not upon ideology but upon the guidelines of scientific methodology . . . specificity, objectivity, and accountability . . . based upon the original U.S. Constitution and Bill of Rights revised into the 21st-century according to those guidelines . . . and based upon traditional American ideals and values (www.inescapableconsequences.com). If not now, when?

THE USD

Monday, March 3rd, 2014

“Be not thou afraid when one waxeth rich, When the wealth of his house is increased; For when he dieth, he shall carry nothing away; His wealth shall not descend after him.” -Psalms 49:17

Commercially and economically, America has become a nation in which Big Government, Big Business, and Big Media conspire implicitly, if not explicitly, to reign supreme. A nation that punishes production while rewarding consumption. A nation that exports its own vital industrial base, sliding into a so-called service-economy with its citizens selling real estate and commercial paper to one another. A nation that issues a progressively debased currency printed in unending supply by a timid Federal Reserve Bank at the behest of power-hungry politicians buying votes with the voters’ own money. A nation indebted to and increasingly owned by foreigners who can force America to declare bankruptcy whenever doing do suits their own national interests.

Most politicians will do almost anything to confiscate the wealth of other people for the benefit of the government that serves not the citizens but the politicians and bureaucrats; including violating our own laws, others’ laws, and long-standing international standards recognizing national sovereignty. Confiscation of wealth is the reason that they oppose banking privacy so adamantly, labelling it “secrecy” with that adverse connotation. Worse, ending banking privacy has become an essential element in the current trend toward socialistic trans-nationalism, together with “harmonizing” tax-codes across borders and promoting fiat-currency.

Everything has its cost, however. The cost of this system has been the declining purchasing power of currencies worldwide, as a whole, and of some individual currencies against others. Few among each populace understand the system and its rules. Even fewer care. The underlying rationale is that, with a fiat-currency having no intrinsic value, a zero or two or three always can be deleted to restore its purchasing power per unit of denomination. After all, at one point Turkish lira had reached more than one million to one U.S. dollar (USD) before the Turkish government chopped off a few zeros by issuing a “new lira”. Life continued in Ankara and Istanbul as well as in London, New York, Shanghai, and Tokyo.

Consider when most Americans, in times long passed, grew up on farms and attended rural schools where teachers taught that saving and thrift are virtues. Today, avaricious, self-styled, financial gurus from Wall Street claim that those simple virtues have become archaic, inapplicable, historical remnants. They advise us that the modern “global economy” thrives as a consequence of free-flowing credit, consumerism, and debt. They say that to discard the new in favor of the old would be to plunge us into another Great Depression with a reduction in the standard of living worldwide.

Unbeknownst to them, they make an underlying point. Money knows no home. It seeks the highest return for the lowest risk. Would a return to a sound and stable USD bring bust or boom? Boom! Together with other necessary reforms, it would bring long-term prosperity and maintain the USD as the reserve-currency internationally.

At one time, the world used not a reserve-currency but a truly international currency, gold. In 1938, Adolf Hitler criminalized owning gold in Nazi-Germany, as Franklin D. Roosevelt previously had done in the United States of America in 1933. Both well understood that governments cannot manipulate an economy using a currency based on gold. Instead, in the USA, FDR substituted a paper-currency promising silver on demand, the Silver Certificate. Big Government, nevertheless, reneged on that promise.

Today, the USD represents nothing more than a promise on a promise — a promise to confer value via a promise to tax the populace. Government, thereby, freed itself to print as much paper-currency as the politicians demand in order to permit chronic, deficit-ridden spending financed by continuing, unlimited expansion of debt.

Seemingly paradoxically, in 1935 the U.S. Treasury stopped printing the highest denominations of notes — $500 and $1000, which, given the debasement of the USD today would equal $9000 and $18,000 respectively. Consider that today, the highest denomination is only $100, measly in comparison. Let’s pretend that the $100-note of today equals the $100-note of 1935 instead of the $5-note of 1935 that it actually equals.

The consequence of this farcical ruse?  Over the years, the purchasing power of the USD plummeted. Finally, in the early 1970’s, President Richard M. Nixon formally ended the pretense of inherent value by explicitly decoupling the USD from both gold and silver.

Ironically, many, if not most, economists cheered, decrying gold as a basis for issuing currency. In fact, despite a federal debt of $17-trillion, they continue to call gold the “barbaric relic”.  Moreover, they continue to ignore the fact that, during the 19th-century while on the gold-standard, the USD remained stable.

Meanwhile, many of these same economists continue to receive great benefit, directly or indirectly, from having abandoned gold. Economists’ bleating aside, there is another even more ominous aspect to creating currency and debt at will than its ultimate destruction. It is the destruction of “government by the people, for the people, and of the people”.

Biobehavioral science, which describes all behavior including economic, adheres to three, scientific guidelines — specificity, objectivity, and accountability. All three were discarded economically with the abandonment of the gold-standard; and, with their destruction, came the destruction of the economic rights and the economic liberty of every American citizen.

PART TWO

Specificity, Objectivity, and Accountability

Loss of specificity: Big Government now creates “entitlements” for the electorate without explicitly specifying the means by which it will fund those so-called entitlements.

Loss of objectivity: Big Government actually finances those so-called entitlements by continually creating disguised debt, often “off-budget”, surreptitiously stealing from the Social Security Trust Fund, and surreptitiously stealing from a largely submissive populace via the hidden tax of inflation.

Loss of accountability: Ironically and increasingly, Big Government finances itself and funds an increasingly dependent populace. Decreasingly, the populace funds the government.

Consequence?  The government need not derive its economic authority and power from the populace pursuant to the U.S. Constitution.

Instead, the government creates its own economic authority and power. It does do by financing itself via debt designed to be imposed upon the next generation. The mechanism? Creating fiat-money used to buy its own bonds … sort of a governmental version of sending love-letters to oneself. As does the lonely lover, however, ultimately the government and the populace discover to their dismay that that which they have created represents mere phantasy.

Is such a system one that the Founding Fathers had in mind when they created the Republic?  In abandoning gold, politicians created awful and accelerating instabilities — economic, political, and social.

The Monetary Function of Government

Monetarily, the function of government should be maintaining a sound and stable currency while allowing the marketplace to regulate the economy. Some years, there will be inflation, which is not necessarily good … contrary to the bleating of governmental economists and their supporters. Some years, there will be deflation, which is not necessarily bad … contrary to the bleating of governmental economists and their supporters. Over the long term, however, the rate of change will average approximately zero, meaning that politicians cannot get themselves reëlected by buying votes through reckless spending of a progressively devalued USD.

A sound and stable currency with economic regulation by the marketplace? That which America has had since the establishment of the Federal Reserve Bank in 1913 has been the opposite. Despite their consistent faulty analyses and incorrect predictions, governmental economists have manipulated the supply of money and rates of interest, most recently to promote inflation and consumerism. By doing so, they claim that they are maintaining production and preventing economic reversal.

That which they say might be true in the short term, but is it true in the long term?  What are the long-term consequences of inflation to the individual, productive citizen?

Say inflation equals 2%, a rate now promoted by governmental economists and their supporters. Compounded over twenty years, every USD will have lost approximately half its purchasing power. In constant terms, $1 will be worth only $½. Consequence? Spending not saving; thereby, decreasing the pool of domestic capital available for investment in production.

Wait! Do not most people also earn interest on their savings via banks and bonds; at least in the past? The real question, however, is, What is the real rate of interest — not the nominal, or stated, rate?  Historically, the greater the rate of inflation, the greater the net loss to the saver.

Why? Say that the nominal rate of interest = 2% and that the inflationary rate = 2%. The rate of real return = 0.

The saver doesn’t break even, however. Due to inflation there is no real income, only nominal, phantom-income. With income-tax, the government punishes the saver by levying a direct tax on the phantom-income of that nominal interest. If those direct taxes — federal, state, and local — average 25%, the saver suffers a net loss each year of one-quarter of his 2%; or ½% of his money. Over twenty years, the saver loses in purchasing power twenty times that ½%, compounded.

The politicians engage in this legalized theft through a combination of taxes, direct via income-tax and indirect via inflation; thereby, punishing savers for saving. The consequence of their pursuing such policies is financial loss to savers and financial gain to government. Meanwhile, the politicians and their bureaucratic economists cry crocodile-tears at the low rate of savings in America.

PART THREE

Solution: A Beginning

One might ask,  “If not the gold-standard, what?”

A true and valid solution, scientifically-based and scientifically-driven, begins with a sound, stable, and respected national currency. It begins with restoration of a sound and stable value of every denomination. It begins with a currency that reflects primarily the constructive, limited requirements of the productive not self-serving, unlimited demands of the unproductive.

America currently has an unsound and unstable national currency — the USD. Merchants no longer give change to the nearest penny, sometimes only to the nearest quarter or even the nearest dollar. Such debasement generates contempt for the currency and for the economy that it represents. The solution begins with restoration of a sound and stable value to every denomination of the currency, even the penny.

Restoration? How? Reverting to the historical, begin with issuing a new, revalued currency with a zero lopped off the end of each denomination and dividing the denomination by two.  The $100-dollar bill of today will be the “Five New Dollars” of tomorrow.  The $20-dollar bill will be the “One New Dollar”.  One can fade out the “New” over time.

To do so merely would be to return the value of the currency to where it was before the Federal Reserve Bank came into its misbegotten existence and began its relentless debasing of the USD.  It would reëstablish respect for every denomination.

As have citizens of many other countries, Americans would exchange the old, de-based currency for the new, re-based one.  Prices of goods and services would follow accordingly.  Essentially, nothing would change except each denomination of currency carrying real value. Doing so would regenerate respect for the USD and the nation for which it stands.

What stops the politicians from doing it? What stops the productive electorate from demanding it?

Apprehension about the consequences. The nation would admit the truth. Generally, people would prefer a pleasant lie to the unpleasant truth. Ultimately, reality always wins, however.

One now might ask, “Apprehension aside, a new, sound, stable, and respected currency may be all well and good, but how to keep it so? There must be other steps required, mustn’t there?”

The answer? “There are.”

PART FOUR

Securing a sound, stable, and respected currency unquestionably requires a constitutional amendment. It might read as the following:

Constitutional Amendment

In the matter of financial debt incurred by the federal government, the following hereby is enacted:

Section 1.

Neither the President nor Congress shall coin new money or issue new financial derivatives thereof unless explicitly requested to do so by a bank or other financial institution duly licensed by a state or the federal government. The creating of new money or new financial derivatives shall be for purposes only of private, commercial production not of personal consumption.

Section 2.

The federal government, including its central bank should one exist, shall not itself establish interest-rates for governmental notes, leaving the setting of said rates to the freedom of the marketplace.

Section 3.

Neither the President nor Congress shall enter into financial debt of any kind except as noted herein.

The only exception to the hereinabove would be under conditions of a formal Declaration of War by the Congress. In such case, upon termination of said Declaration of War or cessation of military conflict related thereto, any accrued debt must be repaid in a maximum of ten, annual installments, equally divided, beginning the following fiscal year even should a new Declaration of War occur.

Currency-Manipulation

Even with a sound, stable, and respected currency, would not the problem of “currency-manipulation” by China and others still exist? Indeed, it might.

“Beggar-thy-neighbor” goes back a long way. Solution? If China or others indirectly subsidizes its exports via currency-manipulation, the USA would consider its doing so a violation of the principle of free trade.

The remedy would be clear. Calculate the amount of the subsidy and apply it as a tariff to those exports with the monies collected reducing the rate of federal taxation.

Prior to making demands upon other nations, however, America must clean up her own act; otherwise, she becomes the nun who treads the primrose path (www.inescapableconsequences.com).

-End-

DEBTS AND LIES

Monday, October 8th, 2012

PART ONE

“The rich ruleth over the poor, And the borrower is servant to the lender.” -Proverbs 22:7

Politicians lie. Well, most politicians lie much of the time.

Example? In 1932, the Democrat Franklin Delano Roosevelt lied when he campaigned on a plank of a balanced federal budget, accusing the hapless President Hoover of leading America down the road to socialism.

Another example? In 1994, the Republican Newt Gingrich preached a balanced federal budget. Subsequently in 2000, after winning the White House and the entire Congress, the Republicans created the biggest deficits in American history.

There’s a scientific explanation for why politicians lie. Consider the following: B = f(x) under c. Behavior is a function of its consequences under a given set of conditions (context). In the context of politics, the consequence of telling the truth often is defeat at the polls. Of lying? Victory. As it is said, a political gaffe is defined as a politician’s stating an obvious truth when he shouldn’t.

Why should the consequence of truth be defeat and of lying be victory? Answer . . . most people will choose to hear a pleasant lie over an unpleasant truth, even knowing that the lie is a lie.

As the character played by John Ireland advised the politician played by Broderick Crawford in the 1949-film, All the King’s Men, just tell ‘em you’re gonna soak the rich. Mr. Obama claims it’s to protect the “middle class”. Well, it’s a lie. Politicians use that lie to soak all the productive . . . rich and not-so-rich. Why? That’s where the money is.

The political concept is to steal the money from the productive to buy the votes of the unproductive. It’s a compelling reason to limit the reach of government and to disenfranchise those who take and to empower those who make. Who is John Galt?*

Soaking the rich isn’t sufficient. Simply put, the rich aren’t sufficiently rich to feed the insatiable governmental beast. Accordingly, the governmental tax-bandits since FDR have been following the alleged observation of the late bank-bandit, Willie Sutton.

“Willie, why do you rob banks?”

“Because that’s where the money is.”

To rob the middle-class, Democrats and Republicans, while trading power back and forth, have used two, main weapons of legalized theft . . . inflation and budgetary deficits. Inflation robs the living, mainly savers. Deficits robs the yet-to-be born, the defenseless.

To use inflation, the politicos have their accomplices . . . the bureaucrats at The Federal Reserve Bank who debase the currency by printing worthless banknotes or their derivatives. For deficits, the politicos have their accomplices at The Department of the Treasury who issue debt while the politicos raise its imaginary ceiling.

In this regard, given the twisted logic of politicians, a decrease in the rate of inflation is called deflation. It’s similar to the gambler who feels he gained by losing less than last time.

Given the size and resources of The USA, for two generations, the markets had allowed American politicians and bureaucrats to continue their stealing spree with abandon. When questioned, initially the politicos had claimed debt wasn’t a problem because we Americans owed the money to us ourselves. Then, after 1980, The USA went from the largest creditor-nation in the world to the largest debtor-nation, increasingly owing money to friendly foreigners.

“Still no problem,” the politicos had reassured us mistakenly.

Now, as Speaker of House, John Boehner, recently stated succinctly, “We’re broke!” Today, we Americans owe much of the debt to unfriendly adversaries if not to outright enemies . . . think China.

Despite being broke, The United States of America, as a nation, coast on their credit, at least for the moment. Continuing credit allows economists at “The Fed” (primarily Benjamin Shalom Bernanke as did his predecessor, Alan Greenspan) to keep in play fatally flawed policies based upon their faulty analyses, in turn, based upon their idiosyncratic ideologies instead of allowing the free-market to determine policy congruent with Scientific Capitalism.

As misguided as their policies have been, fortunately for The USA, the policies of most other major players, such as the Eurozone, have been even more misguided. Recall that The USA defeated the erstwhile Soviet Union not because we Americans were so cunning and skilled but because the Russians were so inept and incompetent.

Will the same paradigm hold true in our current context? Given the incredibly inept and incompetent behavior of the European politicians and bureaucrats, it just might, at least for a while.

Example? Greece.

*Part Two of the cinematic version of Ayn Rand’s Atlas Shrugged is being released this month.

PART TWO

“To relieve the present exigency is always the object which principally interests those immediately concerned in the administration of public affairs. The future liberation of public revenue they leave to the care of posterity.”
– Adam Smith, The Wealth of Nations (1776)

Well, it’s now 2012, and the Greek crisis created by . . . the Greeks . . . continues. Greek politicians had blamed everyone but the perpetrators . . . themselves; much of the Greek populace still is blaming others, mainly the Germans. Yet, it was the Greek politicians who promoted the borrowing of money in order to promote consumptive not productive behaviors.

Now, as the Greeks renege on their latest promise, they beg their creditors in a threatening tone, “Just one more extension of credit . . . ‘to save yourselves’.” So much for Greeks bearing promises, in particular. So much for the credibility of verbal behavior, in general.

The short-term consequence of their borrowing behavior, the Greek politicians hoped, would be getting themselves re-elected. The long-term consequence, they feared, would be economic disaster . . .  worse, losing power; both have come to pass.

“For every complex and difficult problem, there is a simple solution – and it is wrong.”
-H. L. Mencken

Could it have been different? Yes, if culturally the Greeks were Germans or, perhaps, even Irish. It’s easy to offer simple solutions to complex problems . . . politicians do so routinely. Two examples of promising to resolve debt painlessly are the following: 1) by creating more debt or 2) by reneging on prior debt. Selling more U.S. Treasury Bonds represents the first; “monetizing” the debt represents the second. The typical and inescapable consequences of both are the scenario unfolding in Europe as financial contagion spreads . . . Greece, Cyprus, Spain, Italy, then . . . .?

Had the European politicians adhered to their own now-broken “rules”, the euro might have become the preëminent reserve-currency instead of being placed on life-support administered by the Deutsche Bundesbank and the Schweizerische Nationalbank. One critical variable governing the euro becoming a reserve-currency was the behavior of The USA.

In their desperate, insatiable hunger for funds and penchant for political pandering, American governments at every level became untrustworthy. At the federal-based  level, the government even violated the sanctity of contracts. One example? The “bailout” of General Motors.

At the state-based level, a recent example was the mugging of the British bank, Standard Chartered, by the State of New York. The real crime was not alleged “money laundering” by the bank but extortion by the State in the amount of $345,000,000. This particular example of governmental mugging may be one that stands out, but it hardly stands alone . . . think Barclays and HSBC as well as, even more recently, Royal Bank of Scotland and J. P. Morgan.

So, despite the egregious antics of American governments, given the current trend, the euro, nevertheless, appears doomed as a reserve-currency . . . if not as a currency, altogether. Still, the U.S. dollar also appears increasingly unstable as the creditworthiness of the federal government drowns in a rising sea of currency . . . think QE-Infinity. What’s an investor to do?

PART THREE

“Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency . . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.” – John Maynard Keynes

Is there an alternative to the debauched U.S. dollar? The Japanese yen? Doubtful . . . Japan has an increasingly aged and enfeebled population and too much governmental debt.

The Swiss franc? Not viable . . . too few.

The Russian rouble? Despite Russian optimism to promote the rouble as a reserve-currency, Russian financial structure remains too primitive, and Russian governmental foundation too shaky.

Ah, the Chinese renminbi? Question . . . to what extent will international investors trust a currency issued by a despotic, oppressive government Hell-bent on dominating East Asia? Answer . . . if the Chinese play their economic and political cards skillfully, a lot.

Why? Because America is acting more recklessly than our foremost adversary. How? As former Chairman of the Federal Reserve Bank, Paul Volker, has noted, the FRB is exceeding its legal and constitutional mandates to manage the economy, such management being the task of elected congressional representatives not presidentially appointed bureaucrats. Given its economic policies, there may be no alternative but China and its proxies.

Isn’t there a better way for us Americans to pursue commerce than that embodied in the variations on the same, hollow, economic theme currently mouthed by Democrats and Republicans . . . government creating jobs, jobs, jobs by creating debt, debt, debt?  Fortunately, there is.

What? Employment of scientific methodology through biobehavioral science to analyze and resolve the situations-in-question . . . not just economic but governmental, legal, educational, and health-related. We have the means. Ah, but do we have the will? If so, do we have the leadership to harness those means and that will?

Leadership? Who? Obama? Romney?

Unfortunately, we’re not likely to find competent leadership among the cast of Fellini-like characters in the current political charade enacted by the Democrats and Republicans. America needs a new political party . . . a party based upon the U.S. Constitution, American Tradition, and Science . . . a party that will tell the unpleasant as well as pleasant truths instead of only pleasant lies wrapped in weak excuses.

Uh oh, remember that most people will choose to hear a pleasant lie over an unpleasant truth, even knowing that the lie is a lie. Do Americans really want to hear the truth? Judging by the rhetoric in the current presidential campaign, one would answer, “No.” Presented a scientifically-based and scientifically-driven analysis and plan, however, mightn’t the answer be “Yes” (www.inescapableconsequences.com)?

Let’s give Americans a chance to answer for themselves. To paraphrase the late Senator Barry Goldwater, let’s give Americans a real choice not a weak echo.

Assuming the will to choose the right course by bringing our societal behavior under the control of long-term instead of short-term consequences, one might ask, “How much time do we Americans have before an economic Armageddon?” For the answer, don’t ask the Democrats. Don’t ask the Republicans. Don’t ask the Europeans. All are the servants.

Ask the Chinese. Ask the Japanese. They are the masters.