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Those dependent on the welfare state are unaware that their benefits are
not sustainable. Most believe tomorrow will be like today and the checks will keep coming from Mother Government. Political power was gained based on promising these benefits. No politician will risk his position by trying to reduce them. No democratic society has ever rolled them back via peaceful political means. [At worst,] the economy and society could end up in ashes [and, at best,] the world is in for a long period of stagnation, retrogression and conflict. [Let me explain more fully.] Words: 1115
So writes Monty Pelerin (www.EconomicNoise.com) in edited excerpts from his original article* entitled Economic Armageddon Is Coming.
This article is presented by www.munKNEE.com (Your Key to Making Money!) for information purposes only. The article may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.
Pelerin goes on to say, in part:
The U.S. and other modern industrialized nations are headed for economic collapse. Political excesses created unwieldly and insolvent social welfare states in every modern democracy. The notion of providing for those who cannot or do not provide for themselves has limits. As Lady Margaret Thatcher expressed the problem: “The trouble with Socialism is, sooner or later, you run out of other people’s money.”
The Political Problem
Governments in the developed world are out of money. They can either cut back the welfare state or attempt to fund it by ever-increasing taxes. The latter route represents economic suicide as increasing taxes destroys the economy. The former route represents political suicide. Dependency, once accepted as a way of life, cannot be cured without jeopardizing the existence of government and society.
The Financial Problems
The financial hole dug by most social welfare states is too deep to get out of. The finest turnaround manager in the world, unconstrained by politics, would be unable to remedy the problems. The mathematics of the problem are just too far gone. Radical cost-cutting and proper economic policies can no longer work. Hope and change may work in a political campaign, but slogans carry no weight against the iron laws of arithmetic.
The world is on the verge of massive sovereign defaults…[and] the best resolution of [such]…problems would be to default on…[their] unsustainable promises and debt. While not honorable, it is the only option that can reverse the inexorable debt death spiral that is destroying all welfare states. Without a liquidation of excess liabilities, economic growth cannot resume and economies will shrink and eventually implode. Japan, more than two decades into its economic purgatory, has managed to stall the implosion but not avoid it. The U.S. and other countries are on the same path.
- 3.6 Million Views – and Counting! Why U.S. Debt & Budget Will NEVER Balance
- Finally! Someone With the Balls to Face Reality and Outline the Probable Outcome & Utter Hopelessness of America’s Debt Problems
Welfare states have become zombie economies. These “walking dead” are shells of what they once were. A failure in one probably produces a domino effect that dooms all.
Two courses of action can be pursued:
1. The Economic Solution
This solution requires that government spending be brought into line with revenues and held there (or below) for a lengthy period of time. That requires reneging on many social promises and possible sovereign debt defaults. A depression would occur. Homes would be foreclosed and businesses closed.
Wealth, defined in terms of physical assets, would be re-allocated. New owners and uses of assets would result. So, too would a complete cleansing of the cancer that prevents economic growth. The economy would be traumatized, but recover rather quickly so long as government refrained from intervening. Pain and suffering are inevitable. Civil unrest is probable and so is the risk that governments could be overthrown.
- Facts Show U.S. Gov’t Expecting Civil Unrest Should Economy Collapse
- George Soros Predicts Economic Chaos/Conflict in Europe and Riots in the U.S.!
2. The Political Solution
There is no political solution, although that will not stop politicians from pretending there is. “Pretend and extend” is all they can do. Intervening with additional stimulus and more printed money buys some time, but worsens the economic problems. Problems and distortions are made bigger, requiring even more adjustment when they inevitably occur. Pursuing this strategy flirts with currency destruction which would destroy the savings and fixed incomes of the middle class.
The end result is the same as the economic solution — a complete and total collapse of the economy. The difference is that the collapse is more severe and that many [people] may be destroyed in a hyperinflationary blow-off. Since 2008, the money supply has almost quadrupled. Most of that money lies dormant in the banking system. Had it been loaned, we would have massive inflation today. Instead, it sits there like dry tinder awaiting a spark to ignite it.
The Road Ahead
The productive world has allowed its wealth to be squandered by profligate politicians and their governments. Unsustainable welfare states (Ponzi schemes in a sense that even Ponzi himself could not have imagined) consumed capital rather than allowing its re-investment and growth. Without capital growth, real wages must shrink and that is exactly what is happening today.
The world is in for a long period of stagnation, retrogression and conflict. The next hundred years could very well be referred to by future historians as an Economic Ice Age.
Short-term, this generation cannot avoid another Great Depression. The proverbial butterfly flapping its wings in Greece, Spain or other places could be the catalyzing event….[although] it might be possible that the form of Japanese purgatory that much of the world has entered could be sustained for a decade or so.
Protecting Yourself
The changes coming are going to destroy people and fortunes. Some entrepreneurial types will stay ahead of events, protecting or even increasing their wealth. Most people, however, will be caught off-guard, trusting investment methods and guidelines that worked in a sane world but no longer work in the new world….
*http://www.economicnoise.com/2013/01/03/economic-armageddon-is-coming/
Editor’s Note: The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
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44. Attention America! Your Surging Debt Will Eventually Suffocate You
Our empirical research ( Growth in a Time of Debt) on the history of financial crises and the relationship between growth and public liabilities shows that burdens above 90% are associated with 1% lower median growth – and the United States’ debt level is currently hovering around 90% on a gross basis and 60% netting out assets. Politicians like to argue that their country will expand its way out of debt but our historical research suggests that growth alone is rarely enough to achieve that…[given] the debt levels we are experiencing today…[As such,] we need to be cautious about surrendering to the “this-time-is-different” syndrome and decreeing that surging government debt isn’t as significant a problem in the present as it was in the past. [Let us explain why.] Words: 1175
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49. Facts Show U.S. Gov’t Expecting Civil Unrest Should Economy Collapse
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50. George Soros Predicts Economic Chaos/Conflict in Europe and Riots in the U.S.!
George Soros…is more concerned with surviving than staying rich…He doesn’t just mean it’s time to protect your assets. He means it’s time to stave off disaster. As he sees it, the world faces one of the most dangerous periods of modern history—a period of “evil.” Europe is confronting a descent into chaos and conflict. In America he predicts riots on the streets that will lead to a brutal clampdown that will dramatically curtail civil liberties. The global economic system could even collapse altogether. [Perhaps] we should be, too, [but as] we have often explained, [such comments ar nothing more than] the fear-based promotions of the power elite to frighten the middle classes into giving up power and wealth to globalist institutions. Let us explain.
51. Do You Really Want the Truth? OK, Here It Is – But You Won’t Like the Conclusion
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53. Ayurveda: The Cure for the Virus that Plagues Our Financial System
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54. Debt and the Santa Claus Principle
“An essential point in the social philosophy of interventionism is the existence of an inexhaustible fund which can be squeezed forever. The whole system of interventionism collapses when this fountain is drained off: The Santa Claus principle liquidates itself.” [This article discusses the reality of the current economic crisis and] what is required to revive the economy. Words: 1666
55. Alf Field’s 7 “D’s” of the Developing Disaster Revisited
When the supply of something is increased sharply relative to demand, the value of that commodity will decline. If the supply continues to increase rapidly and indefinitely, then that item will become worth less and less, with the potential to finally become nearly worthless. This is the Developing Disaster facing the US Dollar and the world. This is the factor that could become the single most important criterion in investment allocation decisions and possibly even for individual financial survival…[Let me explain this further by reviewing the 7 major problems facing the U.S. (and thus the world) and how they all will lead to problem #7 – devolution.] Words: 1520
56. Where Is This Unprecedented Global Financial Crisis Headed? A Retrospective from Alf Field
Everyone must be wondering where this “unprecedented global financial crisis”, (the World Bank’s words), is heading. What follows, for what they are worth, are my cogitations on this crisis. Words: 1641
57. The U.S. is Headed Toward a Complete and Utter Collapse of its Financial System
58. Williams: U.S. Can Not Avoid Coming Financial Armageddon
The U.S. economy is in an intensifying inflationary recession that eventually will evolve into a hyperinflationary great depression… [at which time] a $100 bill in the United States will become worth more as functional toilet paper/tissue than as currency. The U.S. government and Federal Reserve already have committed the system to this course through the easy politics of a bottomless pocketbook, the servicing of big-moneyed special interests, and gross mismanagement. The article is long but well worth the read. Words: 3565