Kleptocracy in America

[P]oliticians in modern, developed democracies are now bribing voters on a breathtaking scale – protecting their bank accounts, shoring up their houses, giving them jobs and health care. In the US alone total US government debts, obligations and commitments now come to $112 trillion. Congressmen risk neither jail nor insurrection. Cometh the old question; how do they get away with it?

Currently, 50% of every dollar spent comes from borrowing. This week brought news that the developing countries – led by China – are still adding to their positions in US Treasury bonds. The funds are spent immediately. The payer and the payee – neither of whom vote in current US elections – can worry about settling the debt later. What a marvelous invention is inter-generational government debt, funded by foreigners!

The art of political bribery is explained by Bill Bonner.