A nice moral fable for Christmas.

[KlatooBNikto]

Once upon a time, in the land called America, there lived a famous actor, called Ronald Reagan.His greatest role was playing the President of the United States. He is known for two things: Supply Side Economics and Star Wars.He told a people tired of high interest rates and high inflation, that Supply Side Economics will cure their ills and fill their pocketbooks with cash with no inflation. Because
he was an actor, he said all this with a sincere smile and everyone believed him.So Reagan gave all his rich friends a big tax cut and told the people that the rich will invest the money wisely and everyone will have plenty of jobs. All those jobs will bring so much money in taxes, his buddy Don Regan at the Treasury will be busy counting his tax revenues for years to come.Alas, this failed to materialize.The rich took their money and Wal Mart was born.All the jobs went to China and later India. The budget deficits went sky high and Reagan had to retreat from his Supply Side Economics. This didn't matter because all the people who claimed Supply Side Economics was the Golden Grail still believe in it and therein lies the first Moral of this story.Don't let the facts come in the way of your dogma.Stick to it like it is the truth. You are a True Believer.

The Second Part of this story has to do with Star Wars or, in more technical jargon, the Strategic Defense Initiative. This was another Reagan initiative, hatched with his favorite scientist, Edward Teller.
They believed that it would be possible one day to shoot down all the missiles raining down on us with space based radar and weaponry.Not only that if we spent money on these expensive systems,the Russians will try to play catchup and that will bankrupt them. The problem was that this concept, each time it was tested, never worked and was a big drain on our own cash.But don't let that deter you from spending more on these gadgets.

As Mr.Gorbachev the Russian PM decided that it was all a waste and decided to dismantle the Soviet Empire, the Reagan followers gave themselves a pat on the back and said" see, we told you so.Even if Start Wars didn't work, Ronald Reagan managed to liquidate the Soviet Empire".Such are the delusions of True Believers.


Boys and Girls, which one of these morals do you like better? Our great new President Bush has given even more tax cuts to the wealthy and expects to cut the deficits he created in half.And more jobs go overseas and the deficit now threatens to reach a trillion dollars a year. Mr.Bush, like his mentor, Reagan, now plans to install even more esoteric weapons in space.

The bankers who kept lending money to Argentina in seventies and eighties, believed that nations do not go bankrupt.But they were long gone when Argentina defaulted on its monstrous loans. Do you think the U.S. is heading down the aisle of bankruptcy?