Letters by a modern St. Ferdinand III about cults

 Excellent, insightful, perspicacious.

David Stockman nails the massive debt crisis – or soon to be worldwide crisis – in an illuminating article on China and the Keynesian theological mysticism which believes that magic printed money and endless debt, have no consequences.

The World's debt has skyrocketed in the past 15 years, increasing $60 Trillion in the past 7 years, and governments all practicing 'austerity' apparently, have 'only' increased their governmental debt pile by 10 % per annum. Woe, thy name must be austerity:

So the World only possesses the staggering total of $200 Trillion in debt ? No it is more. The above numbers do not include unfunded liabilities for such worthy projects as bankrupted socialized health systems and their future funding, or the grandees and Mandarins with guaranteed government or 'teacher' pensions. The real debt problem is double or triple the stated $200 Trillion. But $200 Trillion is more than enough of a problem, in a world-wide economy of some $70 Trillion in total size. If we stacked up $200 Trillion in US dollar bills, we would go to the moon and back 28 times. But hey no problem ! Just keep on printing and spending ! 'Science' and 'experts' demand it.

"The height of a stack of 100,000,000,000,000 (one hundred trillion) one dollar bills measures 6,786,616 miles. This would reach from the earth to the moon and back 14 times." http://bit.ly/1Kyc0NJ

Keynesian theology leads to illusory gains and after those bubbles implode, a general collapse.

It reminds me of Law's 'economic miracle' in France in the early part of the 18th century, a monumental fraud which directly led to 1789.