Yesterday we asked:
Which democracy was superior, we asked modern American democracy or ancient Athenian democracy?
We slanted in the direction of Athenian democracy.
That is because Athenian democracy minded its money.
Athenian democracy amassed a handsome budgetary surplus... over which the citizens themselves stood watch.
They could have gotten their hands upon this vast amassing. Yet they did not.
Against ancient Athens, we maintained, stands modern America.
Ancient Athens amassed overflowing surplus. Modern America amasses overburdening debt.
Presently, some $34.3 trillion of debt.
This monstrous delinquency tarnishes and stains the national honor and the national reputation such as they are.
Yesterday's assault upon American democracy drew heavy counter-battery fire. From, for example, reader C.S.:
The United States of America was established as a CONSTITUTIONAL REPUBLIC, not a democracy. The Founding Fathers were careful to NEVER use the word ‘democracy’ in any of our founding documents.
Reader J.F. lobs his own shell upon our position: "You do realize we are not a democracy but a republic?"
Both readers are correct. The United States is not in its construction a democracy.
It is a constitutional republic.
Yet ancient Athens was a democracy. And it was a superior watchman of its money.
The modern American Republic meantime is not.
Upon what bedrock, then, does republican government assert superiority? Its constitutional barriers against democracy?
We are not half so convinced these barriers are barriers. As one wag once noted:
Whether the Constitution really be one thing, or another, this much is certain that it has either authorized such a government as we have had, or has been powerless to prevent it.
Meantime, reader M.A. trains his fire upon our central thesis. He maintains Athens was no true democracy. Thus any comparison to modern democracy is null and it is void:
In Athens only the elite were citizens, the majority of the people living in Athens were not.
Just so. Yet we do not deny that Athenian democracy and American democracy are twins.
Yet they are siblings. And one capital fact remains:
Athenian citizens did not ransack their treasury. American citizens do ransack their treasury in exquisite collaboration with their elected officials.
But to proceed...
American democracy is on showcase this year, as it elects a president.
Perhaps even a dictator!
The spectacle will be so grand we hazard it will shame all comparison.
Not even the 2016 and 2020 elections will come within miles of it.
And we will have the best kind of time looking on... lounging... munching popcorn.
Who will win?
Jim Rickards believes he has the answer. What is it? And why does he believe it?
The Daily Reckoning