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Affluent Investor | June 25, 2017

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Will It Take A Constitutional Crisis?

“The time is near at hand which must determine whether Americans are to be free men or slaves.” – George Washington

I found myself wondering during the fiscal cliff negotiations — who made this deal? Conservatives said to the president last year, if you don’t reduce spending, we’re going to give you everything you want. We will cut defense and raise taxes across the board.

Our leaders on the right probably thought the president wouldn’t want to raise taxes and hurt the economy in its current fragile state.  Or, they thought he wouldn’t want to cut defense and reduce our ability to project power in the world. What the Republican party hasn’t figured out yet is that this president doesn’t care about the economic future of this country.  He doesn’t care if our stature and military capability is diminished or destroyed altogether.  He is pursuing a whole different agenda.

It is painfully clear that Barack Obama has no intention of erasing or even diminishing annual budget deficits.  He has no intention of paying down the national debt.  On the contrary — the fiscal cliff deal increased the budget deficit after raising taxes $620 billing by adding more spending.

There is a saying on Wall Street that interest rates are low until they are not any more.  The Federal Reserve is buying approximately 61 percent of the sovereign debt that we float every year.  They can’t grow their balance sheet forever by printing money. We are paying an artificially low-interest rate in the low single digits.  If we have a credit market shock, this could easily be raised to the mid teens.  We would have no feasible means to service our debt at that level.

Our fiscal situation is dire.

Throughout the ages, empires have crumbled over a policy of currency devaluation to pay their debts. The Romans, the Spanish, and the British all faced ruin over this policy of last resort. History will repeat itself.

The time has come.  Our children’s and grandchildren’s futures are at risk.  The fiscal conservative position has been outmaneuvered now for four years at every turn.  It is time to stop worrying about a politician’s job. It is time to stop worrying about the future of the Republican party.  It is time to stop worrying about what the media will say, because they will say it anyway. It is time to stop worrying about the percentage of our population who have swallowed the Marxist dream hook, line and sinker, will say.

It is time to do the right thing.  Perhaps a Constitutional crisis is what this country needs.  We have to stop making the hole bigger.  We have to stop spending money.

Right now we control one half of Congress.  We can’t lead but we can prevent.  We can stop digging.

We have to stand up for what we believe in. That includes less spending. Congress controls the purse, so stop spending money.

The House should pass spending bills which are in line with our principles and that balance the budget. Then, let the chips fall where they may. If the American people want to vote us out for this act of responsibility, then so be it.

Someone has to be the grownup in the room.

 

Article originally published on The Brenner Brief.

Born in Georgia and raised in Savannah, Todd spent his early summers in Carp Lake, Michigan listening to the vivid stories of his grandparents recalling their youth in the northern wilderness. Ever since his earliest days, he loved story telling.

Todd left Savannah in 1982 to attend the U.S. Air Force Academy in Colorado Springs, CO where he studied aeronautical engineering. Upon graduation in 1986, he immediately left the Academy for flight school. His initial assignment was flying Combat Search and Rescue helicopters at Elmendorf Air Force Base in Anchorage, Alaska. In the UHAE (Unique Harsh Arctic Environment-pronounced “Yoo Hay” by Alaskans) he flew local rescue missions and was also deployed throughout Asia. During this time he was credited with saving many lives and even more assists. In addition to flying exciting missions, Todd also managed to graduate from the University of Alaska Anchorage with an M.S. in Engineering Management. In 1990 he volunteered for Special Operations and went back to flight school. In 1991 he was assigned to the 20th Special Operations Squadron at Hurlburt Field, FL, flying MH-53J Pave Low helicopters. Immediately he was deployed to Kuwait. Over the next three years he was active in classified missions in support of counterterrorism under the control of the National Command Authority and deployed throughout the world. His customers included SEAL Team Six and Delta Force. He left the Air Force as a Captain in 1994. During this hectic period in his life he found time to write his first novel, The Ultimate Solution which was never published. He did publish an article in the Armed Force’s Journal in 1994 on Special Operations Aviation.

1994 found Todd joining an investment bank and earning a chance to expand his knowledge of his other passion, Finance. During this second career he became highly knowledgeable in Emerging Markets Fixed Income and traveled a great deal internationally with a focus on the Caribbean. He has conducted business in over forty different countries. He became acutely aware of the consequences of economic decisions and their effect on national and economic security.

However, Todd.’s love of storytelling was uncontrollable. He left the financial business in 2011 to write. Currency was published in December of that year. Once he began typing, he never stopped.

Todd lives on a three-hundred year old farm in Connecticut deeded by King George of England with his children.

 

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