Today the economy and the capital markets are faced with the long-term buildup of public and private credit. Moreover, promises to tax and spend future income may even be the greater influence. How we got here is more a story of what has happened to our culture than it is one of a particular central bank or government policy."Faulty Judgment at Inflection Points in History." By Bill Baker, Daily Reckoning, 1/23/10 (emphasis added). This excerpt is from Mr. Baker’s Endless Money: The Moral Hazards of Socialism.
Combined, our private and public liabilities are multiples of the income of the United States, and the situation is no different in Europe. The change to a system wherein liabilities could pile up without eliciting much concern happened so slowly that few noticed any change, yet a time traveler from a century ago would not recognize the financial or governmental institutions of today.
A blog about Islamic intolerance and fanaticism; socialism; communism; government stupidity; and lying weasels everywhere, hopefully couched in vibrant and literate English and foreign words that make us look good.
January 24, 2010
Boiled frog.
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