Friday, May 03, 2024
36.0°F

National debt seems like no big deal, right?

by Ted Escobar<br> Chronicle Editor
| June 23, 2012 6:00 AM

Our national political discourse has included the national debt since the beginning of the Republic. Some people fear it, some welcome it, and some are indifferent to it.

The result is that we've topped $16 trillion. You can't fathom that. Neither can I. All we need to understand is that we'll never pay it, at least not with money. We can't even keep up with the interest on that debt.

Worse yet is the fact that a good share of that debt is owed to communist China. The communists have always wanted to overcome us. They could just do that.

One group - mine - is extremely concerned about that, especially as the debt mounts and China controls a larger share of it. Another group is completely unconcerned. They can't see the day China would try to force us to pay.

I'd rather not have us take that chance. China's military is about as big as our population. And the Chinese are building delivery capability through air and sea.

But if you are among the unconcerned or indifferent, let's talk about something else, something fun instead, like Cinco de Mayo. You've heard of it.

Cinco de Mayo is that cute little Mexican holiday that many folks in the U.S. celebrate. It's not as celebrated in Mexico, where it represents a dark past.

Cinco de Mayo in the U.S. brings out the Mariachis and the bandas. It brings out tacos, nachos and quesadillas, a little Jose Cuervo and a lot more Dos X and Tecate.

Lost in the celebration of Cinco de Mayo today is its dire significance back on May 5, 1862. Mexican peasants with shovels and forks that day defeated 6,000 fully-equipped French troops at a site known now as Puebla.

The reason the peasants had to do that and continue fighting until 1867 was that France, led by Napoleon III, was trying to re-colonize Mexico. Napoleon thought he had the right because of the huge national debt Mexico owed the French.

Mexico's debt had built over the years, starting around the time of the declaration of independence from Spain in 1810. By 1861, that debt, owed to Spain, Britain and France, was out of control, and new president Benito Juarez was forced to default.

The Brits, Spaniards and French wanted their money. They all sent naval forces to Veracruz, Mexico to collect cash or some other form of payment, even land.

In time, Britain and Spain thought better of their actions. They came to a negotiated settlement with Mexico and withdrew.

The French saw their chance to re-establish power in the hemisphere and stormed ashore late in 1861. The next May, that peasant force of 2,000, led by Texas-born general Ignacio Zaragosa, won the battle of Puebla.

The battle lasted from dawn to dusk. The French lost 500 soldiers, the Mexicans fewer than 100 peasants. The fighting went on after that, ending in 1867 with the now-famous demise of Maximiliano and Carlota, imposed on Mexicans as their king and queen.

All of this because of an out-of-control national debt. You may want to think about it the next time you toast Cinco de Mayo.