From Niccolò Machiavelli (1469–1527), Italian diplomat, politician, historian, philosopher, humanist, and writer of the Renaissance period, The Prince (1513):
There is no other way to guard yourself against flattery than by making men understand that telling you the truth will not offend you.
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Robert, I recently changed my diagnosis of the current situation and wish to run it by you.
What we’re seeing is the arbitrage between low cost manufacturing (where the jobs are) and high cost retail (where the consumers are.)
Since the secular low in bonds in 1981 Congress hasn’t needed to tax in order to spend, and now we notice that consumers need not work in order to buy stuff. Support for open borders is nothing more than flooding more consumers into the high cost regions.
This nearly 40 year period seems like Say’s Law is repealed; there is no need to produce in order to consume. We can have rising wealth without producing jack.
Of course this is a lie. What it’s done is turn the USA into a vast Pawn Shop. I figure that either the manic social trust underlying the debt market dissipates or eventually we’ll run out of stuff to pawn.
I couldn’t agree with you more.
Amen to your selected quote and the comment