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In another Financial Times article a year ago, Gideon Rachman predicted: "Efforts to rescue the world economy in 2012 will be afflicted by a perilous political paradox. The more that international co-operation is needed, the harder it will be to achieve" ("The Big Questions for 2012," Jan. 2, 2012). Again, this prophecy could easily extend into 2013 and well beyond.
Other concerned voices described the widespread fiscal uncertainty. An Oct. 14 headline in The Observer read, "Economists in Dismal Failure to Get to Grips With a World Changed by Meltdown." Michael Medved lamented "The Cracking of America’s Optimism," with many citizens trapped and stalled by desperate debt and job dilemmas ( USA Today, Oct. 29, 2012). "Hopes Turn to Fear and Uncertainty," stated the Financial Times in a major, multipage separate section (Oct. 11, 2012).
How long can America continue to break basic fiscal laws without risking devastating economic consequences? Fundamental financial principles such as "The borrower is servant to the lender" (Proverbs 22:7) remain true and in effect.
The catastrophic impact of broken economic laws will not be staved off forever. After all, the Republic of China still holds 3 trillion U.S. dollars in its treasury. The drophead of a Wall Street Journal article asked, "How long can the laws of fiscal-and political-gravity be suspended?" (Bret Stephens, "Liberal Exceptionalism," Nov. 5, 2012).
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Keywords: U.S. debt
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