U.S. insolvency requires no lift of debt ceiling
Wasteful spending by United States government dwarfs accusations against Third World debt crises. Expansionary money supply funds war in Ukraine and Taiwan. Sanctioned assets from Venezuela and Iran should not be collateral for U.S. debt.
Resolve to balance federal budget is a welcome political landmark, after decades of horrid spending that failed to solve violent crime, excessive immigration, unsatisfactory educational levels, and other plagues endured by American society.
U.S government shutdown should be regarded as necessary medicine for a populace accustomed to frivolous borrowing, backed by little tangible output. Downward corrections are meant to eradicate systemic, unprofitable endeavors.
Federal Reserve is bombarded by requests to eliminate its succesful, yet incomplete program of interest rate hikes. Jobs created by permanent bubble remain strong, leading to unanchored expectations of wage spiraling inflation.
Industries subsidized by federal government spending should reassess future sources of revenue. Competition from cryptocurrencies and emerging market alliances compel fiscal restraint, a virtue seldom practiced in U.S. dollar financing.
A number of Third World countries have succeeded in adequate balancing of their national budgets. Such lessons should be learned by the United States if it wishes to reduce erosion of its safe haven reputation. Uncertainty is here to stay.
Rubén Rivero Capriles
Fotografía Zulima González @mazuly , 40 Grados Bajo el Sol.
Portal de Inocencia, Santa Lucía, Maracaibo