Debt is Dependance

In his 1829 inaugral address, President Andrew Jackson pledged that he would eliminate the national debt; “the unnecessary duration of which is incompatiable with real independance and because it will counteract that tendency to public and private prolifigacy which a profuse expenditure of money by the government is too apt to engender.”

NY Times Inaugural Addresses from 1789 to the Present

As the NY Times summary of his speech notes, he eliminated the public debt by 1837. When will America and other nations eliminate[if they ever do] their debts and obligations? Who will pay the price? Who is being served by this massive, global indebtedness? Who benefits? Who will hold the leash of debt? How can almost every country be in debt?

Currently China and Japan hold the vast majority of external debt.


~ by notrous on April 12, 2009.

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