If you want entitlements then they have to be paid for honestly and accounted for honestly. We have delayed an honest accounting for decades and succeeded because we had all these bubble bucks
The bubble buck scheme deflates when you have cascading defaults, non payments, repudiated promises to pay X at a future date. You might see a cascade start when a few counties and cities default on bonds. It won’t be a killer cascade but will be a glimpse of the future
Bubbles depend on confidence in a con game. Bubbles deflate when too many parties discover they will never be paid back the bubble bucks they lent out.
“Bubbles depend on confidence in a con game. Bubbles deflate when too many parties discover they will never be paid back the bubble bucks they lent out.”
Back in 2006, I tried to warn a number of FReepers not to speculate in So.Cal property. Boy, did I get flamed ;-)
While I agree that basing an economy on pure “service” is madness, if you have a job that is paying you, it isn’t worthless.
Is it vital for the survial of the country that I am an engineer? No. But it keeps food on the table.
The real issue is that not everyone can be an engineer or a salesman. What do we do with the majority of people without the skills?