Hi Cecil,

>Well, Walter, you are entitled to your opinion. I do not know if your country is a socialist country, but if it is you and the rest of Europe and the United States will soon find out that you cannot keep spending ahead of your ability to pay, meaning that there will come a day of reckoning. And, I reckon that neither of our governments can pay their debts at some point. At least with a drunken sailor, he stops spending when he runs out of money.

Socialism as you mean it does not exist anymore. Social democracy might be more like it. All in all our political climate is comparable to the democrats. As most people in our country I have a mortage on which I pay interest. As long as I'm able to pay the interest I'm fine though I'm in debt for 30 years. Its the same with a government. In euro-europe this means that your buget deficit should not exceed 60% of the GNP. Now with the crisis, most countries are exceeding that and have to get back under this line.

>In your own family finances, can you spend what you do not have? If you cannot, neither can a government.

I can, I can lend money.

>The government is allowed to spend what it doesn't have, only because it goes into debt and borrows the money to stay afloat. At some point, the debt, which usually gets bigger has to be paid. Of course, you could do what was done in the 1970's here, inflate the money and pay off the debt with devalued dollars.

Also a posibility, but that is something up to the economists.

Walter,