Borrowing by Modern Governments

Ancient governments, kings and tyrants, used gold and other commodities to finance their empires. Modern governments discovered the printed currency, backed by gold. Then the modern governments figured out they could borrow money and force the taxpayer to pay the principle and interest.

Now, western and modern governments, as demonstrated by Greece, are learning that there is no tooth fairy. Like an individual that borrows more than they can pay back, western governments will also have to default on their loans. This means no more borrowing for them. Eventually the U.S. will not be able to borrow money to finance their foreign occupations. There will be blood in the streets because the people's illusions will be destroyed. Their deadly sins will control their fall to reality.

Stocks Plunge, Then Recover As Debt Worries Slam Markets
CNBC | 06 May 2010 |
In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points on worries about the spreading European debt crisis before paring those losses in an equally rapid rebound.
The apparent trigger for the massive selloff, which began shortly after 2 pm ET, was the approval of austerity measures by the Greek Parliament, which sparked renewed rioting in Athens.
"There is simply a growing recognition that Greece has got to default," banking analyst Dick Bove told CNBC.com. "The riots in the streets showed the decision to repay the debt was not going to be made by the people in Germany, France and Switzerland—it's going to be made by people in Greece and they're not going to repay it."