INWAR, REVENGE EQUALS DESTRUCTION
Bureau) ‘owes’ $177,000. That’s roughly equal to the median price of a single family home in Florida. FREE-MONEY SCAM What we figure is that the dead are right: free money is a scam. The longer it goes on, the more scammy the whole society becomes, the more unjust it seems... and the more citizens demand radical reforms. The new money, so far, has gone mostly to Deep State hustlers in Washington and on Wall Street... and into the pockets of the rich. In 1965, the top 10% of the population got 35% of national income. Last year, it got 50%. Why? The rich buy stocks and bonds. Then, the Fed – using its new money – buys their assets from them at higher prices. This leaves 90% of the population feeling left out and cheated. They grouse... and then they vote for “conservatives” who promise to Make America Great Again... or “liberals” who promise to right the wrongs of capitalism. But America won’t be made great again until the real wrongs – perpetual war and perpetual fake-money inflation – are corrected. And these wrongs are not committed by capitalists... or by the Chinese, Mexicans... or Iranians. They are committed by central planners at the Fed and the politicians, bureaucrats, lobbyists, cronies, and other Deep Staters who enable them. And they won’t stop until the whole thing blows up. Ha, ha, ha.
But America won’t be made great again until the real wrongs – perpetual war and perpetual fake-money inflation – are corrected. With that kind of monetary firepower, you’d think you’d get one helluva recovery. Instead, the recovery (2007 to 2018) added only 19.28% to real GDP... which was less than the 19.89% added in the 10 years of the Great Depression, following the Crash of ‘29. Go figure. Colleague Dan Denning adds: The Feds added $10.7 trillion in new debt in the decade just finished. In 2019, the total deficit was $984 billion. Uncle Sam took in a record $3.5 trillion in revenue but managed to spend $4.4 trillion. With 330 million Americans, your share of the total $23 trillion in government debt is $69,000. Or, broken down differently, each U.S. Household (as defined by the Census enterprises, and bad bets were wiped away, so a new boom could begin on firmer footing. But this time, the feds drenched the economy with free fake money – $3.6 trillion from the Fed’s quantitative easing (QE) program... and more than $10 trillion in new federal debt. Federal Reserve apologists argue that the post- 2008 free money helped to pull the U.S. out of a crisis. Ben Bernanke hallucinates that it was only because he had the “courage to act” that the U.S. economy was saved. But in every previous downturn, the economy did just fine. Lame investments, losing
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February 2020
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