Versailles on the Potomac
“Apres moi… Let them eat cake!”
The reader is invited to view a video clip (thanks to Ian) and then read a news story (thanks to Matt). Comments are welcome.
Horatius
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TimeFlies Said,
March 3, 2009 @ 4:36 pm
Why worry about debt, when the Constitution has your back:
14th Amendment
Section. 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Allow me to paraphrase. If we don’t want to pay, we don’t have to.
Here is the link in case there is something wrong with the wording…other than the wording itself.
http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=014/llsl014.db&recNum=390
Horatius Said,
March 3, 2009 @ 9:08 pm
Well, actually, Time, a more accurate and precise paraphrase would be, “Whatever the United States borrowed to defeat the Confederate States is kosher, but whatever the Confederates borrowed is bupkis”.
This provision is specific to the War of Secession (1861-65).
Still, you raise an interesting point. Given the loose way in which the US Supreme Court has “incorporated” other elements of the same Amendment, this one could certainly be used to repudiate unwanted debt, by applying Newspeak (a la “War on Obesity”).
An example: Red China currently uses spies and saboteurs against the United States; it also of course uses cash and ideological influence to nurture what could be characterized as a Fifth Column; if said Fifth Column could be painted as insurrectionist or rebellious, QED, all the debt of the US held by Red China could be repudiated.
In practice, the Mao-lovers and bribe-takers are too well entrenched for this scenario to be very likely, and even if it were followed, the credibility of US currency and debt worldwide would be shattered, unless Red China could be blamed for something really horrific (again, unlikely, given the Mao-loving Old Media).
Still, interesting point!
Horatius Said,
March 3, 2009 @ 10:33 pm
(Comment forwarded from Ian)
The follow up:
http://www.mediabistro.com/tvnewser/cnbc/white_house_knocks_jim_cramer_for_calling_obama_budget_greatest_wealth_destruction_by_a_president_110203.asp
Maybe I’m just coming of age at one particular step toward socialism, but this is terrifying. We are raising taxes, implementing cap and trade taxes, eliminating tax benefits from donating to charities - it looks like the gov’t is trying to strangle out their last obstacle to complete control - the private sector. Will we see a revolution like we saw in ‘94? I was young but I remember Ross Perot, I watched Ron Paul this past summer, and then Palin - large parts of the Republic are still alive but Obama - just like FDR - may be able to buy himself enough votes to forever change the size/influence of government.
(Thanks, Ian - Horatius)
Enemy of the Good Said,
June 10, 2009 @ 4:04 am
[...] in the vein of our “Versailles on the Potomac” item, we see where, along with partisan fundraising junkets, this expropriated wealth goes; [...]
Which Way Is The Wind Blowing? Said,
November 1, 2009 @ 4:01 pm
[...] a year is a long time, and people may remember the contempt they have been shown by the czars and Marie Antoinettes, and the absurdities that seem almost to require drugs as an explanation - or they may not. They [...]