definition insanity-doing thing need congress strong enough stop madness.for 30 years sovereign nations particularly west buy vote offer social payments form welfare.the ridiculousness lose anyone politicians order elect promise allocate taxpayer fund social program benefit say taxpayers road simply talk social spend infrastructure cost .the concept taxpayers might simply keep money begin never enter equation everyone believe somehow spend someone else money play along.when believe spend someone else money easy write blank check precisely western nations years promise everyone safe secure retirement without ever bother see money would come from.when actual bill come due fund stuff governments quickly discover current tax revenues cover issue sovereign debt make difference.and bond bubble created.the large bank monopoly manage sovereign debt auction happy play along reason follows:1 use allege risk-free assets collateral backstop tens trillions worth derivatives trade million investment typical us treasury backstop 15 million worth derivatives profit derivatives market remain primary source revenue banks.2 sovereign governments happy bail big bank stuff ever hit fan trade backstopped sovereign debt see 2006 onwards since bank ones hold sovereign debt always threaten dump bond would render whole social welfare ponzi bankrupt see happen europe sovereign bond collapse 2011-2012 .3 debt-based financial system current one sovereign bond senior assets system bulk top financial food chain term financial economic political clout.since rarely ever problem issue sovereign debt governments keep promise future payments reach today point western nations sport debt gdp ratios well north 300 consider unfunded liabilities social spend program mention early .now cut social spend usually consider political suicide voters put office first place base promise pay welfare payments road rather default social contract make voters political class simply push issue debt finance old debt come due.the us precisely fourth quarter 2014 issue trillion new debt simply pay back old debt come due.read zero hedge ready financial crisis round two crony capitalism central plan drain us