But we do have a road song:
Behind closed doors and with no cameras present, President Obama signed into law Friday afternoon the bill raising the public debt limit from $12.394 trillion to $14.294 trillion.
The current national debt is $12.3 trillion. Check out the National Debt Clock, which tells you your share of that -- roughly $40,000 per citizen, $113,000 per taxpayer.
If the United States embarks upon the same economic journey that Argentina traveled from 1975 through 1992, Bill Gates estimated 2010 fortune of $60 billion will be worth 60 cents by 2032.
As is always the case with rapid inflation, the price increase in Argentina was fueled by rapid expansion of the money supply. The seigniorage earned from monetary expansion served the needs of the government as a method of taxation that was difficult to avoid and politically easy to enact.
This is what happened to the Weimar Republic in 1923 when the German government was printing 2 Trillion Mark notes; hyperinflation destabilized the country, setting the stage for the ascendancy of the National Socialist Democratic Workers Party - the Nazi's.
This is what is happening right now in Zimbabwe: in 2008 the UK Telegraph reported that, "Inflation levels in Zimbabwe are running at 13.2 billion per cent a month." A month!
Pearl Buck, the American writer who became famous for her novels of China, was in Germany in 1923. She wrote later: "The cities were still there, the houses not yet bombed and in ruins, but the victims were millions of people. They had lost their fortunes, their savings; they were dazed and inflation-shocked and did not understand how it had happened to them and who the foe was who had defeated them. Yet they had lost their self-assurance, their feeling that they themselves could be the masters of their own lives if only they worked hard enough; and lost, too, were the old values of morals, of ethics, of decency."
The fledgling Nazi party, whose attempted coup had failed in 1923, won 32 seats legally in the next election. The right-wing Nationalist party won 106 seats, having promised 100 percent compensation to the victims of inflation and vengeance on the conspirators who had brought it.
Obozo and the Democrats have another three years to reduce us to this level. This is how the socialists intend to stay in power forever.
In post Second World War Hungary monthly inflation reached 12,950,000,000,000,000 per cent, with prices doubling every 15.6 hours – Zimbabwean prices are currently doubling every 1.3 days.
The most famous hyperinflation, Weimar Germany in 1923, is in a distant fourth place, at 29,525 per cent a month with prices doubling every 3.7 days.