"Recipe for Economic Catastrophes" by Ty Andros, FSU Editorial 06/11/2010
Wealth creation (producing more than you consume and fostering rising incomes) is the only solution to preserving wealth in societies which practice credit-based FIAT currencies. FIAT currency based financial systems ALWAYS fall into insolvency, bond market collapses, serial quantitative easing and then hyperinflation, without exception throughout history. THIS TIME WILL BE NO DIFFERENT. I DEFY any analyst to show me one exception….
The destruction of the productive to feed the unproductive is cannibalism of the worst sort. In the name of social justice, public servants in something-for-nothing societies REFUSE to reform the welfare states of the west and implement polices of growth. Such REFORMS spell DOOM for their futures, economies and their constituents. IMPLEMENTING more wealth redistribution and taxes WILL FAIL to revive anything and sets the next deepening of the unfolding crisis and depression.
Over forty years of borrowing and spending to substitute for the policies of growth are now FAILING and the bills are now coming due. Only there is NO MONEY, and unfortunately, economic growth and wealth creation is something the Western world’s fathers and grandfathers knew about, but for current leaders they are but a footnote in the history books. Let me repeat:
The IDIOTS at the wheel of economic and political power are implementing policies which have NO CHANCE of fostering economic and income growth.
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