In a valedictory speech last weekend of characteristically Latin American duration - a mind-numbing three hours - the Argentine president, Cristina Fernandez de Kirchner, claimed that her country was the only one in the world to have reduced its national debt over recent years.

Only Kirchner could think this a matter of national pride - for reduction in the national debt via the mechanism of default is anything to boast of.  

Nonetheless, where Argentina treads, others will surely soon be following. The world is sinking under a sea of debt, private as well as public, and it is increasingly hard to see how this might end, except in some form of mass default.

This most certainly includes China, by the way.  China's total indebtedness has quadrupled since 2007 to $28 trillion, according to estimates by McKinsey. At 282% of GDP, China's debt burden is now bigger, relative to output, than the US.

It's so obvious who the HFR Heroes of the Week are that we need to dispense the suspense and laud them right out front. 

They are the six white men, three white women, two black women, and one black man who comprised the Saint Louis County Grand Jury that refused to indict Police Officer Darren Wilson.  We must add to them the St. Louis County prosecutor Bob McCulloch, whose statement announcing the grand jury decision on Monday (11/24) is here.

They all knew their lives could be at stake with the murderous anger and multitude of death threats against them, yet they opted for the truth straight in the face of it.  That's flat out American heroism.  We owe them a grave debt of gratitude...

There are good lessons to be learned from this Ferguson Lunacy, and benefits to be gained.  Here's the most important...

There was another major event that rivaled the Ferguson grand jury decision in importance this week.  For background, who is the GOP Congressional Establishment leader you most love to hate?

If you pay people not to work, what do you think they will do?

In a new staff paper published by the New York Federal Reserve Bank titled "Unemployment Benefits and Unemployment in the Great Recession," the researchers found "that most of the persistent increase in unemployment during the Great Recession can be accounted for by the unprecedented extension of unemployment-benefit eligibility."

The irony here is that President Obama and the congressional Democrats kept voting to extend the unemployment benefits, which had the effect of keeping unemployment far higher for a much longer time than if they had not done so.

As the Fed researchers explained: "Our results lead us to expect that the stimulative effect of higher spending by the unemployed is largely offset by the dramatic negative effect on employment."

The artificially induced higher unemployment caused economic growth and total output to be significantly lower. The high unemployment and slow growth are major issues in the upcoming election -- all working against the interest of the Democrats, who voted for this destructive policy.

Some Democrats voted for the extended unemployment benefits in the name of compassion for the unemployed without thinking through the consequences -- particularly to themselves.

Have you ever tried to start an exercise program on your own? The world is full of home exercise equipment displayed as modern art forms like Duchamp's  famous and ridiculous "sculpture," Fountain - which is just a urinal turned in a different orientation. Today we have masterpieces such as a treadmill transformed into "Clothes Tree," racks of dumbbells as "End Table," and rowing machine as "hurdle."

The abundance of such a range of home art displays is not, sad to say, a phenomenon of mass creative genius. It is a function of the difficulty of focusing one's will consistently in multiple directions.

It takes willpower to decide to establish a new habit, and without some kind of support for this new habit - in the form of a clearly defined commitment, some kind of accountability, and incorporation into a daily routine - the dynamic potential of a new, positive habit can become stuck in the regret of an unrealized vision.

There are also certainly many home gyms that are used consistently and effectively. There are people who do establish new habits of regular exercise that they stick to on their own. What is the difference?

The Germans have a word for it:  schadenfreude (shay-din-froy-deh).  It means someone being happy over someone else being unhappy.  The only English equivalent is the term "Roman holiday," referring to the happy excitement Romans got over gladiators' suffering in the Colosseum.

It says a lot about us that we don't even have a word for this terrible and all too-common emotion.  Yet all of us have probably experienced it at one time or another, and right now it's hard to resist it regarding folks who are biting the financial dust with ethanol.

As this recent story, Ethanol Boom Is Running Out of Gas, in the Wall Street Journal details, the glut of ethanol plants has caused a collapse of ethanol prices while the price of the corn from which it is made is rising.  Thus many ethanol companies are now "under deathwatch."

So of course, the corn farmer lobby and ethanol producers are screaming for more subsidies from Congress.

They won't get them because a Nobel Prize winner has just pounded in the final nail in ethanol's coffin.

No - not the phony you just thought of, a real Nobel Laureate.

Chapter Twelve: Angry Gods

The Spaniards now devoted themselves to building Villa Rica de la Vera Cruz. On a plain half a league from Quiahuitztlan (qwee-ah-weets-tlan), a fort was erected with high wooden walls and watchtowers, followed by a church, market place, arsenals, barracks, and officers’ quarters.

Cortez himself was the first to work, digging trenches and hauling foundation stones. Cajoling his officers to join him, they all set to work, as did all the soldiers at whatever task they could do ? making bricks, nails, and lumber, working the lime kilns ? while over a thousand Totonacs labored with them. Within less than three weeks it was habitable enough for the colony to be formally founded (1).

A few days after "Villa Rica" had been established, a delegation of Mesheeka nobles arrived, led by a military commander named Motelchiuh (mo-tell’-chee-you), and including two of Montezuma’s nephews. Motelchiuh grandly presented Cortez with the gilded helmet requested by Tendile at the sand encampment of San Juan de Ulua. It was now filled with gold dust ? as Cortez had requested.

When the government "fines" you for not buying health insurance, is it, in fact, a fine, a tax or government extortion?

The biggest U.S. banks have been "fined" something in the neighborhood of $125 billion (yes, billion) over the past five years, without anyone in the banks or the banks themselves charged or convicted of criminal wrongdoing. How can that be?

Countless individuals have had their property (automobiles, cash and bank accounts) seized by state, local and federal law enforcement officials, including the IRS, without being convicted of wrongdoing. How can that be?

The distinction between a tax, a fine and government extortion is not trivial, particularly when fines are running into the tens of billions or even hundreds of billions of dollars of revenue for the government.

The  basic and clear provisions of the Constitution's Article I and the 4th and 5th Amendments are violated on a daily basis by all too many ignorant or corrupt law enforcement officials, and upheld all too often by judges who think their own opinions trump the Constitution.  How can we put an end to this?