Ambrose Evans-Pritchard believes that America has solved its debt problem with remarkable speed.

Like inflation, which governments can beat in a second. Just rewrite the rules, change the base, revise the sampling methodology, change the basket.

The solution to to America’s debt problem has been to ignore it, fake up more money and make the über rich richer, whilst seeing 40% of the work-eligible population unemployed.

The debt has not been written off. It has been nationalised. It now belongs to We The People, of whom only the 60% in work will be on the hook. Soon, that will be 50%.

Chicago, insolvent Second City of America, wants to borrow $100m. For an Obama library, which is supposed to be funded privately.

California is hocking, borrowing from and raiding its Cap and Trade alt-Tax scam, to fund more “green” projects, which the unemployed will never benefit from.

Something for Nothing has not yet been invented. What we have here is generational amnesia. The Romans left their empire with roads, bridges, cities, central heating. No-one knew how to maintain or continue building them. So they were lost, along with the knowledge of building in stone. The obverse of the coin of progress is disaster prevention.

We have lost the first hand knowledge of those who lived through the thirties, because they are dead. The War To End All Wars didn’t, because War is a constant. Debt is a constant. America’s debt can only be removed by default, poverty, suffering and a return to personal accountability.

After which, politicians and elites will start again.