A recent feed from NPR discusses the current economic situation in Italy and throughout the world. In the feed, the author states that Italy is proposing a possible constitutional amendment that requires the country run a balanced budget from year to year. After reading this it made me think about the total state of global economic affairs. Pretty much every industrialized nation has a huge debt, with no real prospect of ever paying it off.
Looking at my own finances, I can't help but think that I wish I could operate like that. If I took the same path as the United States I could live a very lavish lifestyle and my personal debt would double every ten years (or less). If people started to worry about my credit worthiness, I could simply promise that I would continue to overspend...just not quite as bad. If things ever get really bad I could always play the "I'm too big to fail card".
I know that this is absurd. However, I think its easier to make a mockery of this situation, than to really take a look at how frightening this could all be. I have never been a big believer in the whole "end of days 2012 theory", but a global financial catastrophe might steer me in that direction.
This blog was written in response to the following feed:
http://www.npr.org/2011/08/05/139033161/to-calm-markets-italy-pledges-a-balanced-budget?ft=1&f=1001
By: The Associated Press
And to think that these are the people that are our leaders, the ones who are supposed to be modeling our country. What responsibility? If you continue to do the same things, you will continue to have the same results. I don't see where our leaders are doing anything different to resolve the financial crisis. All they do is talk, talk, talk.
ReplyDeleteCitizens are expected to pay their taxes, buy license plates and registration for their vehicles, wear their seat belts, get a permit to build or remodel something, etc. What happens is you don't? Penalties...where are their penalties when they don't produce?