One of the main causes of Adolf Hitler’s rise to power in Germany in the early 1930s and the subsequent overthrow of the post WWI Weimar Republic was the debasement of the currency. During Weimar the reichsmark was so devalued that famously wheelbarrows of it could not buy a loaf of bread.
Currently, we’ve seen the same thing happen in Venezuela, as the bolivar is useless. In the shanty towns that now surround Caracas the bolivar is used as hovel insulation and as carpet to cover dirt floors. But a funny thing has happened in Venezuela. While the lifestyles of the average person has fallen to preindustrial levels, the Marxist bosses like dictator Nicolas Maduro continue to live like kings, much like wealthy Democrat members of Congress whose districts are impoverished shooting galleries. Such are the wages of socialism. Such are the very same policies that Democrats want to bring to the United States.
FNC: “Sen. Rand Paul, one of the most outspoken Republicans about government spending, took to Twitter Sunday to ask if Congress’ borrowing is putting the U.S. economy on the same path as Venezuela’s.”
“New 1,000,000 bolivar note in Venezuela worth 53 cents,” Paul tweeted. “Will US be the next Venezuela with Congress borrowing over $6 trillion in one year?”
New 1,000,000 bolivar note in Venezuela worth 53 cents. Will US be the next Venezuela with Congress borrowing over $6 trillion in one year?
Hyperinflation Pushes Venezuela to Print 1,000,000-Bolivar Bills – Bloomberg https://t.co/IzPGWrNAwv
— Senator Rand Paul (@RandPaul) March 7, 2021
Mitt Romney concurs with Paul. “We’re going to be asking the American people to allow us to borrow money from China and others, pass that on to our kids and grandkids so that we can send money to states like California and mine that don’t need the money,” Romney said. “That doesn’t make any sense at all.” As Margaret Thatcher said, “Eventually you run out of other people’s money.”
Over the last three administrations, with the advent of Obamacare and the cost of virus relief bills, the US government is spending money at an unprecedented rate. Democrats seem to believe it is manna fallen from heaven and thus cost free. But as Paul and Romney note above, we are effectively robbing our kids and grandkids to pay for it. To be perfectly frank, just as our parents and grandparents robbed us to pay for the New Deal and The Great Society.
And it does not promise to stop now. The Biden administration has ambitious plans, as did the Trump administration, for a multi-trillion dollar infrastructure bill. Reparations for slavery is being seriously talked about in this Congress. The government spigots are turned on at flood levels not seen in over half a century. With these programs come the danger of hyperinflation and economic downturn turning into depression.
But as in Venezuela, there won’t be an economic crisis in Washington. The political class has insulated themselves from that, as the Democrat contingent thereof leads the way in spending the economy into oblivion. Friedrich Ebert, call your office.