This reminds me of the old saying that confidence is a bit like toothpaste: once it’s out of the tube, it’s very difficult to put it back in.
Perhaps the monetary system isn’t so different. Ultimately, it rests on confidence. Confidence in the currency, in government debt, and in the institutions behind them. Debt can be refinanced, and money can be created, but confidence cannot simply be printed.
Once confidence starts leaking out of the system, getting it back may prove much harder than losing it in the first place.
We let the government get too big. That was likely inevitable, given human nature and history of Man. So, we have another tragedy on our hands, and this one may be the biggest in history. My kids (now 40+) have never known relative freedom; they grew up in this system, and to them, it's normal. We knew better; we could have done something to upset it, to stop it, and we didn't. Now we have to live it. When the curtain comes down, whatever you do, and however you do it, resist the idea that government can and will solve it. Best always. PM
Unfortunately that is the way a constitutional republic works. How could the founders know that the liberals would develop a welfare that would shape communities and breed the non- productive for voters voting self-interest.
Bill's protege, Porter Stansberry, says 2029; Bonner says 2030. I interpret both of them as saying that the Event happens then. The unravelling has been underway these past 50-60 years. Now comes the outright bursting, The Big One, the logical result of the ongoing unravelling. And Social Security needs to go away, not merely be cut. We are about to find out what it's like to live on our own, but watch government try to screw it up by "fixing" it. Let's hope we shall have learned our lesson, and we ignore govenment. Best always. PM
The lemmings and parasites won't allow fiscal balance.
The debt will continue even if it results in a civil war.
-
The U.S. national debt increased dramatically during the Civil War, growing from $65 million in 1860 to over $2.6 billion by 1865 as the government borrowed extensively to finance the war.
I merely surmised that, if spending was truncated because it would exacerbate already rampart inflation, then the guns v butter choice would favor the latter over the former
Well Bill, a sobering memo to start the day. I am glad I am an old fart like you, I won't see the end of this movie. I think Rome took around 300 years to finish it's decline. I bet we will do it faster.
This reminds me of the old saying that confidence is a bit like toothpaste: once it’s out of the tube, it’s very difficult to put it back in.
Perhaps the monetary system isn’t so different. Ultimately, it rests on confidence. Confidence in the currency, in government debt, and in the institutions behind them. Debt can be refinanced, and money can be created, but confidence cannot simply be printed.
Once confidence starts leaking out of the system, getting it back may prove much harder than losing it in the first place.
Leave it to the government to spend money trying to stuff the paste back into the tube.
And probably squeeze another tube to pay for it. 🙂
We let the government get too big. That was likely inevitable, given human nature and history of Man. So, we have another tragedy on our hands, and this one may be the biggest in history. My kids (now 40+) have never known relative freedom; they grew up in this system, and to them, it's normal. We knew better; we could have done something to upset it, to stop it, and we didn't. Now we have to live it. When the curtain comes down, whatever you do, and however you do it, resist the idea that government can and will solve it. Best always. PM
We allowed the non-productive members have say...
Unfortunately that is the way a constitutional republic works. How could the founders know that the liberals would develop a welfare that would shape communities and breed the non- productive for voters voting self-interest.
Wow. Bill forecasting 2030 at the year when it all begins to unravel.
Likely then or soon thereafter is when $100 bills will be used to buy what $10 or $20 buy today
To compound matters, Social Security is destined to be cut 22% in 2032
Happy times are far away indeed.
One benefit, euphemistically speaking, is we won't be able to afford to attack another nation.
A great re-set is apparently unavoidable and coming sooner than I anticipated.
Bill's protege, Porter Stansberry, says 2029; Bonner says 2030. I interpret both of them as saying that the Event happens then. The unravelling has been underway these past 50-60 years. Now comes the outright bursting, The Big One, the logical result of the ongoing unravelling. And Social Security needs to go away, not merely be cut. We are about to find out what it's like to live on our own, but watch government try to screw it up by "fixing" it. Let's hope we shall have learned our lesson, and we ignore govenment. Best always. PM
The lemmings and parasites won't allow fiscal balance.
The debt will continue even if it results in a civil war.
-
The U.S. national debt increased dramatically during the Civil War, growing from $65 million in 1860 to over $2.6 billion by 1865 as the government borrowed extensively to finance the war.
So true
Oh, I think the government will find a way to keep up with the historical trend.
Jim Marshall
It works, until it doesn't. Best always. PM
Since when has affordability stopped any aggression?
Usually it's the pursuit of gain that creates the aggression.
I'm not a student of wars.
I merely surmised that, if spending was truncated because it would exacerbate already rampart inflation, then the guns v butter choice would favor the latter over the former
Well Bill, a sobering memo to start the day. I am glad I am an old fart like you, I won't see the end of this movie. I think Rome took around 300 years to finish it's decline. I bet we will do it faster.
Jim Marshall
Since it all started in the 60s, we are well into the movie, and the climax is at hand; it's the denouement that will be interesting. Best always. PM
Pretty sure there'll be a sequel...
Pretty sure you're right! Best always. PM
As always, a painful but clear assessment of our predicament. So, thank you,Bill.
On another note, I’m not receiving the Wednesday briefings from Tom. Any thoughts?
Ken
At the beginning of this year, I could not foresee how Phil Anderson's predictions could pan out.
Now it seems they are inevitable.
Phil Anderson's theory is every 18.5 years land values fall...
The next low point is said to be around the year 2027-28