What Happens in a Debt Default?
The short answer is, no one really knows, and we’ll be flying by the seat of our pants shoud Congress not come to some sort of deal on the debt ceiling. Big-fish Wall Street investors and the Federal Reserve all the way to the couple with their retirement savings and the kid saving up for college would all in an uncertain and perilous situation.
The U.S. is in debt, deeper than deep, more deep than any other entity, ever, in the history of the world, which means, at one level, it’s broker than broke, owing more than $32 trillion. But, at another level, it’s also richer than rich – too rich, in fact. To paraphrase that self-proclaimed ‘master economist’ Josef Stalin, if you owe $1000 to the IRS, woe is you – but tens of trillions to who knows whom, well, that’s a statistic, and who’s going to call it in?
The Chinese, perhaps, who already make most of our stuff. How would the U.S. get parts for its planes, trains and automobiles, to say nothing of everything else from diapers to aspirin to all of our widgets, were it ever to go to war with China?
Or people may just stop trusting in the money printed by the government, keeping in mind that credit has the same root as credo. And this would go way beyond America, to everyone across the globe. All those rolls of bills you have tucked in a drawer or your wallet may overnight become worth about as much as toilet paper – even less so, for the latter would still have some use.
On that note, perhaps stock up a bit. But, more to the point, put your faith not in man, far less in mammon, but in the Lord, the Almighty, who provides for His people, no cash or credit required.
A Closed, Unsustainable, Descending Loop
As a follow-up to my thoughts on Payette’s payout, here be a stark image of where are here in Canada. As the graph shows in, well, graphic terms, since 2025, the public sector has contributed to 95.5% of economic growth. The private sector – which funds the public sector, or is supposed to – has[…]Continue reading→
Remembering Father Alphonse de Valk
(Today marks the sixth anniversary of the death of Father Alphonse de Valk, C.S.B., a faithful, courageous and indefatigable Basilian priest, pro-life-and-family apostle, and the founder of Catholic Insight magazine. Here is what we wrote those on his entering into eternity five years ago, as we continue to remember him in our prayers and thoughts)[…]Continue reading→
Presidential Pardon of Weronika Krawczyk
As a good news, follow-up to our story from Poland, of the persecution of Weronika Krawczyk for her pro-life views, we heard that she has been granted a presidential pardon. One might still wonder why one needs a presidential pardon for simply holding the long-held belief that the child within the womb is a child,[…]Continue reading→
Pope Leo and a Rosary for Peace
Pope Leo XIV has asked Catholics across the world to join him in a Rosary for peace today, at 18:00 Rome time (6 pm), which would be noon from where I write (EST). If you are able, whether at that time or another, and in whatever way you pray, to join in intercession with the[…]Continue reading→
Payette’s Payout
I was glancing through some headlines, and noticed a mention of Julie Payette – engineer and astronaut and sometime the Queen’s representative in Canada – which brought back vague memories. She was appointed Governor-General by Justin Trudeau in 2017. Ms. Payette resigned in 2021, amidst claims that she created a ‘toxic work environment’, with allegations[…]Continue reading→
Saint Stanislaus of Szczepanów
We celebrate Saint Stanislaus today (+ April 11, 1079), in light of this Easter Octave, a bishop and martyr who accepted the episcopacy only at the direct order of Pope Alexander II. He proved a wise and courageous leader of his flock, put to death by his own king, Boleslaus, for rebuking the monarch’s ‘immoral[…]Continue reading→
Weronika Krawczyk and Injustice in Poland
Catholic Action in Poland has issued a formal statement appealing to the President of the Republic of Poland to pardon Weronika Krawczyk—convicted for warning other women against an abortion-performing gynaecologist. Catholic Action (AK) emphasizes that no apology is owed to a doctor who has performed numerous abortions and proposed others; furthermore, the organization considers the[…]Continue reading→
Three Easter Musical Gems: Bach, Palestrina and Byrd
A very blessed and glorious Easter! Christus surrexit vere, alleluia! As we begin this Easter Octave with the great Solemnity of Easter, music to lift the soul would be one of Bach’s Easter cantatas, composed during his time at Leipzig in the early 1700’s, for the six Sundays of this festive season, leading up to[…]Continue reading→
Saint Isidore of Seville, the Internet and Industriousness
Today, April 4th, muted this year by Holy Saturday, is the commemoration of Saint Isidore of Seville (560-636) a bishop and doctor of the Church during a tumultuous age, when civilization was crumbling, coming apart at its very seams, which may sound sort of au courant. Then again, the form of this world has always[…]Continue reading→
An Ancient Homily for Holy Saturday
The time between Good Friday and Easter Sunday is one of waiting, in silence, as the world wonders – anticipates – what will happen, after the death of Christ. We re-live this time each year in the anamnesis of our liturgy, and in turn look forward to the glorious re-creation of all things at the[…]Continue reading→