Just a few weeks ago, US talk show host Stephen Colbert was asked if he thought that Donald Trump had a chance of becoming President of the United States.
Colbert responded sincerely. “Honestly, he could. And that’s not an opinion of Trump. That’s my opinion of our nation.”
He’s right. The Land of the Free may very well be ready for something completely different. And Trump certainly seems able to deliver.
He is, after all, unique in his field. Donald Trump has never served in politics, and his blunt style is almost the exact opposite of every other major candidate.
But there’s one thing that really sets him apart, that, in my opinion, makes him the most qualified person for the job:
Donald Trump is an expert at declaring bankruptcy.
When the going gets tough, Trump stiffs his creditors. He’s done it four times!
Candidly, this is precisely what the Land of the Free needs right now: someone who can stop beating around the bush and just get on with it already.
As history shows, a default is inevitable.
The calculus is quite simple: when governments take on too much debt, they start having to divert a huge amount of their tax revenue just to pay interest.
This means that, at a minimum, the government has to sacrifice many of the promises they made to their citizens. They cut other programs in order to have enough money to pay interest.
But that’s not too popular. So instead they typically just borrow more money… until they’re borrowing money just to pay interest on money they’ve already borrowed.
This makes the problem exponentially worse.
Debt skyrockets. And soon the government is spending more on interest payments than national defense. (The US is almost at this point).
Eventually a bankrupt government has no choice: either default on their bondholders, or default on the obligations they made to
Originally appeared at: http://davidstockmanscontracorner.com/64915/