“The most creative and productive people tend to have the highest incomes—unless they’re crony capitalists, which means they’re basically using the government to steal from everybody else.
The US government and its welfare programs are actually cementing the lower classes to the bottom of society.
Countries without capital are poor. Places like Zimbabwe, Cuba, and Mauritania. The only capital they have is sticks and stones.
Doug Casey: It’s another glib, gigantic, lie. “We” don’t owe it to ourselves. Some people owe it to some other people. If it’s not paid back somebody is going to walk away disappointed.
At some point—since the US dollar is backed by nothing—if confidence goes away, those foreigners are going to want to get rid of their dollars. They’ll necessarily come back to the US where legal tender laws force Americans to accept them.
It could easily destroy everybody’s savings. And that, in turn, could destroy the very basis of society.”