Fun facts

A little something for the few people who still insist Obama's drunken sailor spending spree is somehow not far from normal:

From the Martin D. Weiss investor letter:

"Back in the 1980s President Reagan was plagued with the worst string of federal deficits ever recorded until that time. But with February’s deficit, Washington has managed to run up just as much red ink as it did in all of 1986, the single worst deficit year under Reagan.

Going back further, to the 1970s under President Nixon, we also had a rash of deficit spending that sent chills up the spines of economists. But last month’s deficit of $221 billion was more than TRIPLE the sum total of ALL deficits during the six years under Nixon.

Ever since America’s Declaration of Independence, deficit spending has been a recurring theme in Washington that invariably returns with a vengeance, especially during wartime. But it took 169 long years and seven major wars — from 1776 to 1945 — to rack up a cumulative deficit that matches the gaping budget hole of just 28 short days in February."

Here's another interesting thing I happened to come across, written in 1940 by a Socialist who claimed he wasn't. From HG Wells' New World Order"

"The New Deal is plainly an attempt to achieve a working socialism and avert a social collapse in America; it is extraordinarily parallel to the successive "policies" and "Plans" of the Russian experiment. Americans shirk the word "socialism", but what else can one call it?"

And this:

“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further expansion, or later as a final and total catastrophe of the currency system involved” –Ludwig Von Mises

"This is the choice that has been made in the United States and Euro zone, total catastrophe and collapse. The something-for-nothing personality is in complete control." by Chris Wood, Greed and Fear