Packing for FEMA Camp by Ft Moore

Author:Ft Moore
Language: eng
Format: mobi
Tags: Humor, Political, Satire, Humor & Entertainment, Genre Fiction, Literature & Fiction
Publisher: Pergados Press
Published: 2013-10-06T06:00:00+00:00

Drum roll, please.

(Humpty Dumpty falling off the Wall Street.)

“Lincoln and Kennedy,” Abe told her.

[THIS SECTION STILL REDACTED BY THE WARREN COMMISSION, EVEN FIFTY YEARS AFTER THE FACT.]

Next post: How high can the debt ceiling go?

Part 8: How High can the Debt Ceiling Go?

Dad Normal has done a lot of thinking about what Sue and Abe have taught him. He corners Sue at the breakfast table, where she is gathering up her books to get to her teaching job at the middle school.

“You know, Sue,” said Dad. “I think you’re right. The world can’t go back on the gold standard. A few individuals can squirrel it away for a rainy day, as long as everybody doesn’t do it. Those individuals will be better off than if they relied on a 401K plan at the office. But the world got a lot bigger, and there isn’t enough physical gold to meet everybody’s growing needs. Going back on the gold standard would mean world economic development came to a halt. The Chinese, Indian, and Third World people whose economies are expanding would not be able to grow. The gold standard won’t work for the world economy any more. What’s happening is that countries who don’t want the United States to be the world’s dominant power are considering a way to make a basket of currencies be the global reserve currency. The problem is that nobody’s sure what would happen if they did that. What if China bought Russia’s oil without using U S Dollars? What if China stopped buying U S Debt? What would happen to the value of China’s currency? Nobody knows. So far, that uncertainty has been sufficient to keep too many people from doing it. The only thing that is certain is that there’s no way for the nations to go back to the gold standard. The world has passed the point of no return on the wampum system. But what else can work better?”

“So do you think the global economic system could collapse?” Mom asked, as she inserted another Eggo into the toaster.

“The system depends on ever-expanding markets,” Sue explained. “Like every Ponzi scheme, it has to keep growing to survive.“

“Meaning, the U S Debt has to keep going up,” Mom clarified. “But what happens if the U S Debt goes down?”

“The U S Debt is a measure of how many U S Dollars other countries are buying. So the only way for the U S Debt to go down is to expand U S Exports, or to contract U S Imports,” Sue told her. “We can’t expand exports, because we aren’t building anything to sell. And if we contract imports, it means our people aren’t buying anything, since everything we buy is made outside of America. So that means to make the debt go down, we have to collapse the U S Economy. And if the U S Economy collapses, the global savings of other countries is devalued.”

“We have to keep exporting dollars, then, is what you’re saying,” Dad interrupted.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.