On this lackluster Boxing Day dominated by illiquid moves in every
asset class, we thought a few succinct minutes spent comprehending the
US and European government policies of social welfare and their outcomes
was time well spent. Canadian MP Pierre Poilievre delivers a rather
epic speech destroying the myths of US and European 'wealth' noting that
"Once the US citizen is in debt, the US government encourages them to stay in debt,"
noting that "the US government encouraged millions of Americans to
spend money they did not have on homes they could not afford using loans
they could never repay and then gave them a tax incentive never to
repay it." His message, delivered seamlessly, notes the inordinate rise
in the cost of all this borrowing, adding that "through debt interest
alone, soon the US taxpayer will be funding 100% of the Chinese Military
complex." From Dependence to Debt to the Welfare State and back to
Dependence, this presentation puts incredible context on the false hope
so many believe in the US and Europe. Must watch.
Article Source: Zerohedge"By 2020, the US Government will be spending more annually on debt interest than the total combined military budgets of China, Britain, France, Russia, Japan, Germany, Saudi Arabia, India, Italy, South Korea, Brazil, Canada, Australia, Spain, Turkey, and Israel."
"Through government spending the indulgence of one is the burden of another; through government borrowing, the excess of one generation becomes the yoke of the next; through international bailouts, one nation's extravagance becomes another nation's debt"
"Everyone takes, nobody makes, work doesn't pay, indulgence doesn't cost, money is free, and money is worthless."