Governments have often impoverished their citizenry. From Dennis Miller at theburningplatform.com:
When I was dating my wife Jo, her 10-year-old daughter Holly learned I was a glutton for chocolate chip cookies.
This adorable little lady grinned, loaded in the chocolate chips and baked an entire batch by herself. As she put the cookies on the cooling rack, I began to devour them. They were soft, moist and yummy!
Holly yelled, “Mom he is eating them faster than I can bake them.” Not surprising, I soon gained 25 pounds.
Today Holly owns a small business. Over the holidays she complained. Much like Dennis and chocolate chips, our wealth is being gobbled up faster than it can be created. She is spot on.
The Big Heist
On 1/1/2000 10-year treasuries were paying over 6% interest. 21 years later, they paid .93%. They are guaranteed wealth destroyers.
The government spends recklessly, bails out banks and debt soars.
Bank borrow and lend cheap money; commercial loans have skyrocketed. Untold billions went to binge-borrowing corporations buying back their stock to hype the market price, yet their debts remain.