Roman economy VS modern day United States

“The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.”
-Cicero , 55 BC (who said history doesn’t repeat!?)


4 comments on “Roman economy VS modern day United States

  1. I think it was the Spanish philosopher Santayana who said “those who cannot remember the past are condemned to repeat it.”
    We all know what happened to the Roman Empire. Great post.

    • JB – The last paragraph sums it up pretty well: “But, in fact, lawmakers will have no choice but to raise the ceiling eventually because even if Congress never approves another spending increase or tax cut, the country will not have enough revenue coming in to cover all the bills it will have coming due.”

      But I don’t think there is any way that the government is going to let the country default. We have stayed ahead for 70 years because our currency is the top currency.(reserve currency, bretton woods) It’s not ready to flop yet. The time is coming soon however, at which time I think we’ll see a one world currency.

      Either decision would be bad tho, it’s really a damned if you do, damned if you don’t scenario. Whatever the outcome, the implications will be massive. One course will continue the reckless spending and devaluation of the dollar by printing more dollars to cover debt. The other course will risk default on Federal loans and undercutting the world’s confidence in the dollar, risking a potential currency collapse and an economic depression.

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