Governments are running huge deficits, and their central banks are inflating currencies. This will end sooner or later because it can’t go on. From Daniel Lacalle at mises.org:
Global money supply has soared by $20.6 trillion since 2019, according to Bloomberg.
Additionally, global debt surged by over $15 trillion in 2023, reaching a new record high of $313 trillion. Around 55% of this rise came from developed economies, mainly the U.S., France, and Germany. Unfunded liabilities in the United States amount to $72 trillion, almost 300% of GDP. This may seem high until you look at Spain with 500% of GDP, France with close to 400%, or Germany with close to 350% of GDP.
There is no escape from debt. Paying for the government’s fictitious promises in paper money will result in a constantly depreciating currency, thereby impoverishing those who earn a wage or have savings. Inflation is the hidden tax, and it is very convenient for governments because they always blame shops or businesses and present themselves as the solution by printing even more currency.
Governments want more inflation to reduce the impact of the enormous debt and unfunded liabilities in real terms. They know they can’t tax you more, so they will tax you indirectly by destroying the purchasing power of the currency they issue.
High taxes are not a tool to reduce high debt, but rather to perpetuate the expropriation of national wealth. Countries with high taxes and big governments also have enormous public debt levels.
If you thought the monetary destruction we have witnessed in recent years was excessive, just wait for the suffering we will endure in the future.
In 2024, the world has seen more than seventy elections where none of the parties with access to power even bothered to present a realistic plan to cut debt. Governments and politicians understand that they can make any promises using someone else’s money, and many voters will readily accept the fallacy of taxing the wealthy. Naturally, currency debasement leads to widespread impoverishment.
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No UBI or CBDC without it?
But, but, but, mommygov loves me and just wants me to have convenience.
I saw it on teevee and it had a happy ending.
The truly smart and wealthy cleared out in Year Zero of the immaculate Chicago Messiah AKA THE ONE?
Dankest comment ever-Great societies don’t (s)elect an immaculate Chicago Messiah.
(H/T-The Originator)
Be of good cheer haulin’ ass gettin’ paid I like money (Idiocracy) worldlings will be crushed and demoralized out of the game in Weimar Wheelbarrow/Zimbabwe Wallpaper time.
Good, good.
Breaking from Groza:
The Redemptive End