David Walker (quoted by Martenson):

"Despite improvement in both the fiscal year 2006 reported net operating cost and the cash-based budget deficit, the U.S. government’s total reported liabilities, net social insurance commitments, and other fiscal exposures continue to grow and now total approximately $50 trillion, representing approximately four times the Nation’s total output (GDP) in fiscal year 2006, up from about $20 trillion, or two times GDP in fiscal year 2000.
As this long-term fiscal imbalance continues to grow, the retirement of the “baby boom” generation is closer to becoming a reality with the first wave of boomers eligible for early retirement under Social Security in 2008.
Given these and other factors, it seems clear that the nation’s current fiscal path is unsustainable and that tough choices by the President and the Congress are necessary in order to address the nation’s large and growing long-term fiscal imbalance."

Tustain (quoted by Martenson):

"Officially, [UK] public sector net debt stands at £486.7bn. That's equal to US$953.9bn and represents a little under 38% of annual GDP. Add the state's "off balance sheet" debt, however – including its pension promises to state-paid employees – and the total shoots nearly three times higher. Research by the Centre for Policy Studies in London says it would put UK government deficits at a staggering 103% of GDP."

Kirby: This Must Stop!

Noland:

“Contrast the self-correcting nature of Economic Sphere Profits to boom-time processes that work to enthral the ballooning Financial Sphere. As we are witnessing these days, rampant Credit inflation drives a Financial Sphere Profits bonanza that only incites greater Credit inflation, Risk Embracement, and speculative excess. There is little in the way of self-correction or adjustment; quite the opposite.”

Honderich: “…the Verification Principle of Meaning… separating what is meaningful from what is meaningless… separating utterances that are either true or false from utterances that are neither…”

‘Schlick on Meaning and Verification’ by G J Mattey.

Honderich: “Fear, like pride, lacks the self-denial of morality.”

From Stanek vs. White, 172 Minn.390, 215 N.W. 784:

"There is a distinction between a 'debt discharged' and a debt 'paid'. When discharged, the debt still exists though divested of it's charter as a legal obligation during the operation of the discharge, something of the original vitality of the debt continues to exist, which may be transferred, even though the transferee takes it subject to it's disability incident to the discharge." (Quoted by Gnazzo)

In praise of... John Lewis

“Red-light reform? Sorry, it's not that easy” by Aaronovitch