ES -- DX/CL -- isee -- cboe put/call -- specialist/public short ratio -- trinq -- trin -- aaii bull ratio -- abx -- cmbx -- cdx -- vxo p&f -- SPX volatility curve -- VIX:VXO skew -- commodity screen -- cot -- conference board

Wednesday, August 15, 2007

 

learn the lessons of rome


as noted in the financial times and justin raimondo, the comptroller general of the united states shares some views with me.

Transforming government and aligning it with modern needs is even more urgent because of our nation’s large and growing fiscal imbalance. Simply stated, America is on a path toward an explosion of debt. And that indebtedness threatens our country’s, our children’s, and our grandchildren’s futures. With the looming retirement of the baby boomers, spiraling health care costs, plummeting savings rates, and increasing reliance on foreign lenders, we face unprecedented fiscal risks.

Long-range simulations from my agency are chilling. If we continue as we have, policy makers will eventually have to raise taxes dramatically and/or slash government services the American people depend on and take for granted. Just pick a program—student loans, the interstate highway system, national parks, federal law enforcement, and even our armed forces.

... America is a great nation, probably the greatest in history. But if we want to keep America great, we have to recognize reality and make needed changes. As I mentioned earlier, there are striking similarities between America’s current situation and that of another great power from the past: Rome. The Roman Empire lasted 1,000 years, but only about half that time as a republic. The Roman Republic fell for many reasons, but three reasons are worth remembering: declining moral values and political civility at home, an overconfident and overextended military in foreign lands, and fiscal irresponsibility by the central government. Sound familiar? In my view, it’s time to learn from history and take steps to ensure the American Republic is the first to stand the test of time.

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