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Tuesday, April 17, 2012

“It Is Incumbent On Every Generation to Pay Its Own Debts As It Goes — A Principle Which If Acted On Would Save One-Half The Wars Of The World”

Republicans who claim to be fiscal conservatives and oppose the debt refuse to accept that foreign policy and the endless wars are largely responsible for the debt.
The Founding Fathers Knew that Debt-Financed Wars Ruin the Country Thomas Jefferson said: It is incumbent on every generation to pay its own debts as it goes — a principle which if acted on would save one-half the wars of the world. He was right. The father of modern economics – Adam Smith – agreed...Progressive economics writer Chris Martenson explains as part of his “Crash Course” on economics: If we look at the entire sweep of history, we can make an utterly obvious claim: All wars are inflationary. Period. No exceptions....And George Washington – in his farewell address of 1796 – said: Overgrown military establishments are under any form of government inauspicious to liberty.
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Judy Morris,
Blogger, THL
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