“What is Ron’s message for us? He says,
The opulence of great wealth has been exposed. The grave danger we now face can no longer be denied. What we are witnessing today is what happens to a society when counterfeit wealth dissipates….A Ponzi scheme mentality which has existed for decades allows for constant pyramiding of debt as part of our fiat monetary system. This policy is a predictable event and is instrumental in the creation of financial bubbles. Fractional reserve banking is a major contributing factor in creating money out of thin air, which inflates the debt bubble. Much of the malinvestment that results appears as wealth, but is in reality an illusion that disappears with the bursting of the bubble.
The Austrian business cycle theory of Mises and Rothbard shows irrefutably that this policy won’t work. Why, then, has it been imposed on us? Ron gives us the answer. It benefits the crony capitalists—the opposite of genuine free market entrepreneurs—who are in bed with the government. He says, ‘The humanitarian claim of the welfare/warfare proponents is that their efforts have always been designed to care for the poor. The only problem is that as financial bubbles develop, the already wealthy receive most of the benefits….The huge bailouts in the 2008 recession saw the banks and mortgage companies benefitting while individuals lost their homes. With today’s lockdowns we see the large corporations avoiding the worst regulations and permitted to operate, while the mom and pop businesses go broke.'”