Evans-Pritchard: Flee to Mars If America Commits Worst Error Since 1931


The Telegraph‘s Ambrose Evans-Pritchard screeches the best headline I’ve seen thus far in the American governmental debt crisis.

There will be other candidates for that honor, however.

Bet on it.

20 responses to “Evans-Pritchard: Flee to Mars If America Commits Worst Error Since 1931

  1. Y’all can go to hell. I’m going to Texas.

  2. Alan W. Mullenax

    Let’s see. Hyphenated last name, looks a little weak in stature, I bet he doesn’t own a gun, and he’s obviously not willing to run towards danger.

    I know damn well I don’t need him.

    He can go to Mars.

  3. Alan W. Mullenax

    Oh, and I have a list of people he can take with him.

  4. millerized

    Probably took his domestic partners last name when he got married in NY last week. But…he does have several valid points.

    “The US cannot miss a coupon payment on past debt without breaching the nation’s highest law, and without defiling the honour of the United States.”
    Yes, yes they will, and probably won’t think twice about it.

    “be on a scale large enough within a few months to tip the US economy into a downward spiral and take the world with it. ”
    Yeah…don’t you know it. There will be a few places to run that this mess won’t find you.

    “Both parties have brought America to this unhappy pass over the last 50 years. A plague on both their houses.”
    Honestly, yeah. I’d go a bit longer on the time scale, tho.

    “Those who choose to breach America’s sacred bond to creditors across the world in this squalid way, in circumstances short of war or extenuating distress, deserve our contempt. Be they accursed forever if they stoop so low”
    Yup. Makes me almost embarrassed to be an American if this happens.

  5. Nice picture. We need the one of the guy who paid him $50 and drove off. The modern version will be the repo man showing up because the guy didn’t own it in the first place.

    Let’s think this through. Does anyone remember the media-hyped pseudo-hysteria from Fall 2008? People are falling for yet another contrived crisis to transfer more power to an even smaller group of people.

  6. Jimmy the Saint

    Sacred bond to creditors? What exactly is that?
    Lending money is a gamble — that’s part of why lenders charge interest – it’s a hedge against the possibility that they won’t get repaid. Smart lenders will rarely face a loss, imprudent lenders will often face a loss.

  7. Heh.

    Like anyone from across the pond has any place bitching about America. Hell, two times in the past hundred years we’ve saved England after they jumped into fights in continental Europe that they couldn’t handle. Some of the events that transpired in this country as a result of those two wars have, in large part, placed us where we are today.

    I agree with serf. This “crisis” will be used for a further consolidation of power.

    Our American politicians have the distinction of being able to use their stunning failures as leverage to sledgehammer our nation deeper and deeper into trouble. With every new revelation of failure, we are pounded further.

    American citizens have the distinction of being the most able to punish this behavior, but the least willing to do so.

    If a child does something bad and the parent refuses to punish him, further repetitions of the behavior are the parent’s fault. The parent, through abstention, has taught the child that the behavior is acceptable.

    AP

  8. GardenSerf is 100% right, and Evans-Pritchard is wrong in this case. If we don’t raise the debt ceiling, we can still meet every legal obligation we have; we “just” need to cut spending by a third. The interest on our debt is currently manageable – about 10% of income. We can pay the interest, pay the military and even send out those social security checks Bamster threatened about. Plus a lot more. We just can’t spend everything they want to.

    Just because our income has been cut by about 1/3 doesn’t mean we have to default. And we’ve gone through temporary shutdowns of the “non-essential” services many times.

    This is a distraction.

  9. The Trainer

    SiGraybeard is correct.

    Not raising the debt ceiling only means the government cannot go into any additional debt. It can pay its existing oblgations from revenues already in place. Of course, it might just have to cut out the FSA hand-outs internationally as well as here at home.

    Damn.

    Evans-Pritchard might want to check out Mr. Denninger, who has a much more educated grasp on this ‘crisis’ than he does. This is evidenced by the ‘behind the scenes’ calls by the WH to reassure banking interestes that ‘there won’t be a default; we’ll still pay our bills’ without a debt ceiling increase.

    This is purposely designed to get attention away from the other power grabs going on.

    My .02

  10. Alan W. Mullenax

    Anybody going to Atlanta?

  11. Josey Montana

    AEP,

    Explain to me how I, a United States citizen who never signed nor was ever consulted about a single indebtedness of the United States government, am obligated to pay any one of them, for any reason permissible by God or mere human morality and equity.

    I should suffer for the benefit of banksters in Manhattan, Connecticut and the City? My sons should toil as beasts of burden to benefit HFT algorithms and the Ruling Class?

    LET THE DEFAULT BEGIN IN EARNEST!

    Food will still grow. Water will flow. Factories will make without factoring.

    The only problems will be during the period of adjustment to normal and authentic trade — away from synthetic finance and the corruption and manipulation it enables.

    As for me, I can grow my own food and defend it. If the masses and their intellectual leaders cannot, they deserve their coming fate.

    Sign me,
    BARTLEBY THE AMERICAN

  12. Josey Montana

    I must admit I’m surprised to see AEP at WRSA. Always thought of his as a wonk for the dour of finance. No matter. To those that do not like or understand him, please take the time to read his missives. You’ll soon understand his wit, humor, sophistication, and occassionally accurate call for “DOOM, DOOM, ALL IS DOOM!”

    It must be admitted AEP is an acquired taste, but delightful. And no … he is not one of those.

  13. Sean beat me to it…
    Well, Sean — I guess I’ll see you there!
    Alan W: If I can, I’m trying to work it out….

  14. Josey:

    Lots of AE-P at WRSA over the years.

    His belief in government notwithstanding, he’s a worthwhile read 90%+ of the time.

  15. It is interesting to watch the fear of the political class as they see their one hold on power begin to disintegrate.
    Also fascinating to see the fear of the moneyed as they realize this is a complete game changer.
    The media has been no end of entertainment as they gleefully announce the end of all things.
    Statist and Collectivist alike are showing signs of mental breakdown as the facts slowly are absorbed.
    I swear its almost worth losing that SS check to see this unfold. Do wish I had obtained more hard currency but perhaps this only the Two Minute Warning and not the end of the game. I at least am among those smiling a bit as we watch this sham unwind.
    We my friends truly living in interesting times and the Chinese can go stick it.

  16. Lots of skeptics here at WRSA thought the tea party Republicans would surrender their principles when pressured by RINOs. Yesterday’s “non-vote” on the debt ceiling should ease those fears.

    BHO is a one trick pony. Without the ability to dramatically ramp up social spending, his FSA base will desert him.

    The Republicans can still snatch defeat from the jaws of victory, but “Gunwalker” has put the administration on the defensive. I expect political stalemate as the dominant feature of 2011.

  17. MALTHUS-

    It’s not Aug. 2 yet. Watch for a “last-minute compromise”…

    The pressure’s only begun.

  18. I’ll join Josey Montana, Dedicated Dad and CA in their assesment of AE-P.
    He writes well and is usually right on. He has been ringing the warning bell on our dire economic situation for quite a while.
    And, if any of you real men have a problem with a man’s hyphenated name, you should have said so to Sir Winston Leonard Spencer-Churchill’s face. I would have paid to watch that.
    BTW, it’s a British upper crusty thing.

    • Should we have said it to his face while he was drunk and starving women and children when “serving” as Secretary of War? (He condemned the blockade, of course, only once the starvation blockade had finally worked to his advantage.)