While we may be “unforgettable” as a nation on the scope of history, our problem stems from forgetting the past history of nations who have gone before us. I don’t write much about economics, not because I don’t care about it, but because I tend to get bored with the minutia very quickly. But this story yesterday is a big one. One-third of all income in our country now comes “from” the government. This is not healthy or sustainable. Put another way, it means that real earnings in this country are a full third less that what is reported. If this is true, then the next depression is already here.
We are already in a depression that is being masked by funny money given out by the government like the Monopoly money that it really is. Keep passing Go and collecting your checks, but this can’t go on forever. It is staring to come home to roost even now. The world’s biggest bond fund dropped all of its US debt and they won’t be the end of this. There is talk of switching to another standard for world currency. Lest we forget, it hasn’t been that long, historically speaking, since the dollar became the world standard of currency for things like oil and so forth. And it may not be long yet before it is no longer used as such. Our country is in deep trouble.
Beyond the issue of all the lost freedoms and the lack of adherence to our own Constitution, we are financially ruining ourselves with very little understanding or warning being given. Most people see this stuff and assume it will all work out OK for America. The truth is that this is all unsustainable.