WADE: Obama's re-election could lead to worldwide depression - Washington TimesA

WADE: Obama's re-election could lead to worldwide depression - Washington Times I invite you to visit USDebtClock.org and survey our government’s current liabilities. The figures tell a shocking story. I implore you to return to that website from time to time as we proceed to the election in November — perhaps the most important presidential election since 1860. According to James A. Baker, former secretary of state, we’re “broke.” Sen. Tom Coburn, in his book, “The Debt Bomb,” writes that “America is already bankrupt.” Adm. Mike Mullen, chairman of the Joint Chiefs of Staff under President Obama, said on June 24, 2010, “Our national debt is our biggest national security threat.” That statement didn’t stop Mr. Obama from continuing to run another budget deficit to more than $1 trillion, and increasing our national debt accordingly. As of this writing, the national debt is more than $16 trillion. There are different scenarios that may result when a nation’s debt gets out of control. In Germany, following World War I, the government tried to print currency to relieve its obligations. Hyperinflation resulted, and paper money became so worthless that some even used it to ignite fires. The economic calamity helped pave the way for Adolf Hitler’s rise to power. Another possibility is what has happened in Japan, where a 20-year period of low or no growth, combined with periods of deflation, has led to the government’s present huge debt. These examples should give us serious pause. If Mr. Obama is re-elected, I believe our economy will become part of a worldwide depression. Why? Read more: WADE: Obama's re-election could lead to worldwide depression - Washington Times http://p.washingtontimes.com/news/2012/oct/1/obamas-re-election-could-lead-to-worldwide-depress/#ixzz289NHxhcA Follow us: @washtimes on Twitter