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Government Debt Could Kill Us?

A recent 21 page Bank of International Settlements’ paper (BIS) “The Future of Public Debt: Prospects and Implications” says the fiscal problem of the world is coming to “boiling point” with higher debt “clearly on the horizon”. BIS asks a great question:

When, in the absence of fiscal actions, will investors start demanding a much higher compensation for the risk of holding the increasingly large amounts of public debt that authorities are going to issue to finance their extravagant ways? In some countries, unstable debt dynamics, in which higher debt levels lead to higher interest rates, which then lead to even higher debt levels, are already clearly on the horizon.

Since the banking crisis began, government debt has grown from 85% and higher, yet that doesn’t take into account the demographic profiles of various OECD countries. “The ratio of old-age population to working-age population is projected to rise sharply. Interestingly, this rise is concentrated in countries such as Japan, Spain, Italy and Greece, which are already laden with relatively high debts. Added to population ageing is the problem posed by rising health care costs.”

When a country starts from an already high level of public debt, it raises the probability that a given shock will trigger unstable debt dynamics. Knowing this, we would expect investors to demand a higher risk premium for holding the bonds issued by a highly indebted country.

…a government intent on maintaining a given level of public services and transfers must raise taxes as debt increases. Taxes distort resource allocation, and can lead to lower levels of growth. Given the level of taxes in some countries, one has to wonder if further increases will actually raise revenue.

Last but not least, the existence of a higher level of public debt is likely to reduce both the size and the effectiveness of any future fiscal response to an adverse shock. Since policy cannot play its stabilising role, a more indebted economy will be more volatile.

In the aftermath of the financial crisis, the path of future output is likely to be permanently below where we thought it would be just several years ago. As a result, government revenues will be lower and expenditures higher, making consolidation even more difficult. But, unless action is taken to place fiscal policy on a sustainable footing, these costs could easily rise sharply and suddenly.

I have just captured some high points. It’s a good article to read. Bottom Line: the PTB would probably support some incident that would just kill off seniors. Horrible sure, but it would sure solve a myriad of fiscal problems!

Failing the die-off of the seniors, we absolutely must get a handle on our debt!

Tsunami Surge In Santa Cruz Harbor

Don’t Move To Dallas!

Under a Dallas law enacted in 2008, businesses are prohibited from putting signs in the upper two-thirds of any window or glass door, and no more than 15 percent of any window or glass door may be covered by signs. The only way to comply with the new ordinance is by putting tiny signs at peoples feet—which is not an effective way to advertise. The law also bans signs that cover more than 25 percent of a buildings façade. Failure to take down the signs means you are at risk to be hit with a fine up to $2,000.

The law only targets commercial messages. Businesses are free to put anything except a commercial message in their windows. For example, a business could paint a giant Dallas Cowboys helmet on its window—but not advertise that it offers Cowboys merchandise for sale inside. Businesses can paint their windows black or put coolers or other items in front of them. In fact, businesses are not even required to have windows at all. What they cannot do is put messages in their windows that tell customers about the products and services offered inside.

Save Grant High? Not If You’re A Lib!

Jack Bog’s Blog raises the profile on the latest issue with Portland Public Schools, What the signs really mean: Save Grant High School.

In my circle of Dog Park mates, guys and gals who meet up with our dogs every morning for the run, poop and pee, most are libs. Only two of us didn’t vote for Obama. That’s the way it is in NE Portland.

We were invited to the 55 birthday party of dog park architect who has an eighth grader and is adamantly opposed to the closing of Grant. He bought his home in the Grant High School area because of the reputation of the school. He wants his daughter to attend Grant. He also doesn’t want his child to start at Grant and then be forced to transfer to another high school like Madison or Jefferson.

At the party I quizzed several parents who are also opposed to any change at Grant. Now let me tell you why if you want to keep the school open, you have a better chance of getting your way if you are a conservative than a Lib!

The parents who I spoke to were all too reasonable. They wanted to let the process work. They could argue why society might be better off if Grant closed. They know that Grant has advantages that smaller schools like Jefferson and Roosevelt don’t have and that’s not fair.  They look at Lincoln and say why should we bus students from Cornelius Pass to Lincoln when Roosevelt is much closer. “Why, it’s just across the St. Johns Bridge.

They know in their hearts that if Grant closes their property values will decline. They know they have a multi-cultural school now (meaning black, white, yellow and brown students) and are afraid of being labeled racist if they don’t want their sons or daughters going to Jefferson, who everyone knows is a bad school. 70% of the students know it who live in the Jeff area transfer elsewhere. They know that Madison is gang-ridden and they don’t want their sons and daughters going there either.

If you were a conservative you would say, “Hell No! You will not close Grant and then make life a living hell for the school board. Libs will try to find compromise, or kick the can down the road so their child is not affected, or justify the eventual decision.  Jack Bogdanski nails when he says,

I’ll bet there are bureaucrats who tell you “No decision has been made yet,” when of course the fix has been in from the start. There’s probably a lot of “Thank you for your valuable input” from people who are going to keep holding meetings until you get tired of coming to them, and then tell you you missed the key moment. People saying “It’s the principle of the thing” when they mean “It’s what I want.”

If conservatives have a fault it’s seeing an issue as black or white. Libs need, in this case to emulate conservatives. Put your foot down. This is war! Try exercising your God given rights and protest this outrage. Stop thinking elites know what’s good for you! Dust off your slogans:

  • Hell No, we won’t go!
  • Hey, Hey PPS how many kids did you stress today.
  • What do we want?  Grant Open!  When do we want it?  NOW!

Dust off your sit ins and your administration occupations.  This is important.  After all who pays these yahoos in PPS salaries?  You do.  You have the power!

There just are not enough conservatives in NE to get this done.  They can’t appeal to the politicians they voted in.  They’re all Libs.

The Libs need to do this, but I’m betting that Grant will close for the 2011 season and a fine educational institution will be gone.  Pity there are not more conservatives in NE Portland.

Chile Aftershocks Continue!

Do you remember the 5.6 earthquake that struck near Scotts Mills, Oregon and felt here in Portland on March 25, 1993? We were awakened about 5:30am by a shaking and a loud noise. The quake, which turned seemingly solid objects to quivering Jello, lasted long enough for my wife and I to jump out of bed and run to the front door where we huddled until the dishes and walls stopped shaking.

I was reminded of that horror by looking at the list of quakes in Chile just today that are 5.0 magnitude or greater. |You van see the list here. So far there 43 quakes listed in fifteen hours on the 28th. That’s about three an hour! Amazing.

Tsunami In San Diego

I’ve never seen water drop so fast and then surge back. Experts tell us if we see the water at the beach go way out expect a tsunami. Take a look at this nine minute video to see its speed:

Hat tip to Outdoors, action and adventure

Marie Must Be Devastated!

Marie Osmond’s teenaged son, Michael Blosil, has killed himself by leaping to his death around 9 p.m. Friday in Los Angeles, reports Entertainment Tonight…

According to ET, Michael left a note explaining he intended to end his life after a lengthy battle with severe depression that left him, he said, feeling as if he had no friends and could never fit in.”

Our prayers are with Marie Osmond and her family.

A Little Humor Is Needed Today

Thanks to Michael Hall.

There are still a few things for the Oregon Ducks football team to do:

Alvin Robertson to Be Arrested on Sex Trafficking Charges

Recent Yellowstone earthquake swarm was the second-largest ever

“Not only was the swarm the second-largest ever recorded at Yellowstone but it was longer in time and included more earthquakes than last year’s swarm beneath Yellowstone Lake, which occurred in December 2008 and January 2009, according to the scientists.”

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