On Fri, 3 Oct 2014 08:29:57 -0400, "Jim Wilkins"
wrote:

snip
I accept that we have inflated the size of our economy by borrowing
from the future, and that the system is based on faith in future
productivity or the continuing value of precious metals. Faith in the
future value of real estate, plus American loans, rescued Weimar
Germany.
http://en.wikipedia.org/wiki/German_Rentenmark
http://en.wikipedia.org/wiki/Dawes_Plan
"5. Germany would be loaned 800 Million Marks from the USA"

So far the useful examples of peacetime economic failures have been in
less powerful nations like Greece, Brazil and Argentina where they
don't play the game as well as we think we do.
http://countrystudies.us/brazil/68.htm
/snip

Much depends on what the debt was used for. It is one thing
to build a Hoover Dam on credit (which is self liquidating,
given the power generation and irrigation), and quite
another to build an athletic stadium, casino, bridges to
nowhere http://tinyurl.com/2s6jpk http://tinyurl.com/25n84h
or wage wars on credit, especially credit guaranteed by the
"full faith and credit of the government," i.e. the
taxpayers.
http://tinyurl.com/ak8r8dl
http://tinyurl.com/ksn3bgl
http://tinyurl.com/kvoz35j


--
Unka' George

"Gold is the money of kings,
silver is the money of gentlemen,
barter is the money of peasants,
but debt is the money of slaves"

-Norm Franz, "Money and Wealth in the New Millenium"