David Hines
Credit where it's due
FacebookTwitterGoogle+
By David Hines
April 1, 2009

Credit's a good thing, isn't it? You get credit for doing good things.

When your bank credits your account, you have more money. But to the bank, the credit is a liability. A debit — taking money from you — provides more money to the bank. By accounting rules, a credit to the bank is a debit to you, and vice versa.

Double-entry bookkeeping has been considered a major innovation of the Renaissance. Like many such "innovations," it's a re-discovery. It has its roots in Classical times. Romans and Greeks had applied such a system, at least in a rudimentary form.

Today, it seems, it is considered not so much an innovation as one of those atavistic relics we can forget about. The new-style accounting is so much more attractive.

I'll give you credit if you know that for every credit there must be a debit. Most of our politicians don't, nor do a great many of the people who listen to them.

We're told that there's a credit crunch. It follows that there's also a debt crunch. The latter, we knew already. What we're told is that it must be fixed by extending more credit, thereby extending more debt.

But didn't the problems come about because there was too much debt not being repaid? Sure. So the plan is to fix it by incurring more debt that can never be repaid. Repayment is not even contemplated. Why consider something that is impossible? Government spending is gearing up to be the equivalent of the GNP. If it were to be repaid, none of us could afford even food.

What wonderful accountants we have in DC! They can create credits without corresponding debits. They perform this magic by merely neglecting to complete the accounting entries. They tell you that under their plan you'll get credit enough to make you rich, and it will cost you nothing. The multiplier effect, they say, will take care of everything.

This is the logical development of a system that creates money from nothing. Zero plus zero, or subtracted from zero, or multiplied by zero, still equals zero. In this sense, their accounting is still valid.

Of course, if you divide by zero, you get, "illegal operation; process aborted." And that's where we're headed.

I have to give them credit, and debit, for sheer stupidity.

© David Hines

 

The views expressed by RenewAmerica columnists are their own and do not necessarily reflect the position of RenewAmerica or its affiliates.
(See RenewAmerica's publishing standards.)

Click to enlarge

David Hines

Born in a mill town, David Hines has seen work as a furniture mover, computer programmer/analyst, and professional musician... (more)

Subscribe

Receive future articles by David Hines: Click here

More by this author

 

Stephen Stone
'The fervent prayer of the righteous'

Siena Hoefling
Protect the Children: Update with VIDEO

R.T. Neary
Open letter to U.S. Congressman Joseph P. Kennedy III

Madeline Crabb
We the Sheeple, the coup, and end-times prophecy

Matt C. Abbott
Brian Kindzia, R.I.P.

Dan Popp
Dr. Fauci unmasks the expert class

Stone Washington
Targeted by rogue FBI: The plot to entrap General Flynn

Matt C. Abbott
Jesus the ‘imperfect’?

Rev. Mark H. Creech
Mike Adams: The fault lies with those who make up the audience

Bryan Fischer
HCQ is the answer to COVID-19 — Don't let them lie to you

Judie Brown
The trouble with truth

Arlen Williams
Pray, petition, and prod Trump-Pence to reset the war on Covid-19, to actually win

Joan Swirsky
Joan Swirsky interviews Linda Goudsmit on her recently published opus, The Book of Humanitarian Hoaxes: Killing America

Linda Kimball
Orgy of violence, lawlessness, systemic lying pouring out of America’s broken foundations
  More columns

Cartoons


Click for full cartoon
More cartoons

RSS feeds

News:
Columns:

Columnists

Matt C. Abbott
Chris Adamo
Russ J. Alan
Bonnie Alba
Jamie Freeze Baird
Chuck Baldwin
Kevin J. Banet
J. Matt Barber
. . .
[See more]

Sister sites