Lately the question of Moral Hazard comes up over whether to bailout Fannie Mae and Freddie Mac, but what exactly is the real Moral Hazard? In this time we face an onset of serious inflation here at home and being bogged down occupying foreign lands. Yet we have to ask, how we got into this big mess? Since the war we have added over $3.5 trillion dollars in debt. A debt that has funded this war and at the same time given out free "bread and circuses" to keep the people happy. The debt itself and a debt based system are, in fact, the real Moral Hazard. By giving politicians a blank check to fund unnecessary, unpopular and needless wars, meanwhile allowing them to give bread crumbs to their subjects, we have encouraged both warfare and welfare with blatant disregard for the consequences of our actions. Yet once those consequences set in they call for more of the same, debt! The politicians are like drug addicts with an endless bank account. Unfortunately their endless bank account rests upon We The People's lives, labor, and standard of living. By holding them to no accountability neither to the United States Constitution nor a standard measure of value to base our currency on, we risk our very way of life and every Americans standard of living.