The government has to confiscate wealth at some point. It is already doing so through the Federal Reserve and maney printing. But even that won’t be enough.
It is pretty clear that we have been in a civil war over debt slavery to the welfare state for a couple decades. It doesn’t even matter who is in power now, because to get the budget near balance, Congress would have to cut at least a $Trillion per year from the budget, causing massive layoffs and a huge drop in GDP. That isn’t to say this must not be done, because welfare state spending is a false GDP, but just that the cuts won’t be done for fear of riots. So the only way back from the abyss (austerity and a return to market signals) guarantees conflist (see Greece and Spain).
The federal Reserve now papers over 40% in tax revenue shortfalls and has created a biflationary depression of deflating wages and home prices along with the inflation of food, fuel and commodities. http://www.futurnamics.com/biflation.php Of course this situation is intolerable long term, no matter how much Monopoly money Helicopter Ben distributes, just as bread and circuses did nothing for the Romans.
We my be legally obligated to pay taxes to support the welfare state, but our children are not morally obligated to be the slaves of their spendthrift elders. Hence revolt is inevitable. Obama and progressives have been running a subliminal civil war to overthrow the Constitution and preserve their model of Eurosocialism. They use proxy armies of unionion brownshirts, OWS anarchists, illegal aliens, and race baiters like the flies surrounding the Trayvon Martin debacle. But in the end, this civil war is unlike CWI because the territory to be held has shifted to the Internet which is not so easily taken (see FreeRepublic, ZeroHedge for freedom). This isn’t your great-great-grandaddy’s civil war, but it is still over debt slavery to the welfare state. http://www.futurnamics.com/civilwar.php
The only silver lining is that we go to something like Bitcoins, a cyber currency. But in the interim, it is time to Go Galt. http://www.futurnamics.com/goinggalt.php
I’m surprised at the number of acquaintances who went ‘Galt’ (closed their businesses) and have actually increased their net worth. The innovative American Spirit cannot be kept down, just used in other ways.
Personnally, we’ve gone ‘Slow Roll’.