This one chart should end the partisan bickering (at least among the voters!) over fiscal cliffs and debt ceilings. The explosion of government borrowing and spending is a catastrophe visited upon American taxpayers and citizens by both parties – this is a dereliction of political leadership and it’s time we stopped being fooled by the nonsense that comes out of Washington D.C. For those who still believe the net benefit to US wealth creation is positive, one need only cite the rising ratio of debt-to-GDP to see our debt-driven, public ‘investments’ are not paying off.
The reason we have a financial disaster in the making is because we allowed the Federal government and politicians to take control of the supply of the currency by removing any accountability for its real value. Gold is not ideal, but it’s far better than nothing. How much clearer does the evidence need to be and when do we stop the partisan one-upmanship and pay attention? Ultimately, you and me are responsible for this fiasco because we have failed to hold politicians accountable. We’re still failing.
A couple of good quotes:
“One of the saddest lessons of history is this: If we’ve been bamboozled long enough, we tend to reject any evidence of the bamboozle. We’re no longer interested in finding out the truth. The bamboozle has captured us. It’s simply too painful to acknowledge, even to ourselves, that we’ve been taken. Once you give a charlatan power over you, you almost never get it back.”
– Carl Sagan
“Most human beings have an almost infinite capacity for taking things for granted. That men do not learn very much from the lessons of history is the most important of all the lessons of history.”
– Aldous Huxley