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  • From: Clansgian AT wmconnect.com
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] The GOP on government spending: Borrow 'til the Chinese own us!
  • Date: Fri, 28 Oct 2005 22:39:57 EDT




> >If the train goes off the track, let's assume for a minute that one day
> >it will, and our country is in debt up to and over its eyeballs (more
> >than it is now), the pensions that previous gov't politicians rely on
> >come from which source? Is this money banked away in an untouchable
> >place (safe) that continues to average 10%++ on average?
>
> I don't know but I have confidence that those who make the laws will take
> care of themselves first.

At first glance, Gene's proposal would seem to be illogical. If inflation
takes away our buying power, won't it take away the buying power of the
congressional retirees? But alas, it isn't illogical at all. In fact in
recent
history we have at least one example of that having happened. Recall that
some
years ago Brazil had an inflation so bad it was triple digits a month for a
while. An interview that stuck in my mind was with a vegetable vendor. The
vendor
took a single cucumber and held it up and the reporter asked through the
interpretor, "How much was this yesterday?" "Five for a cruzeiro." "And how
much
is it today?" "Three cruzeiros." "Who can afford to buy it, then?" The
vendor, a very tall striking black fellow, who had been very gregarious up to
this point, threw the cucumber back into the basket with a look of total
anger
and desperation on his face and said, "Ninguém!" "No one." Stories were
told
of how people would get their pay and speed to the grocery store because
twenty minutes made a crushing difference in what the prices would be.

Now during all this the wealthy and the leaders were inflation proof. How?!
Through a series of manipulations, such as putting their retirements and
assets in foreign currency, they used the inflation that was killing the
people
to make more money for themselves.

I'm afraid it can be done, let the country be consumed by inflation but
protect one's own assets if one is making the rules,.





>
> How many of us have the power to grant ourselves pay raises?
>

Oh, being self-employed I can give myself a raise any time I please. Only
thing is, no one is obliged to pay it. I don't have the police power of the
state to enforce my raise.


James




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