“Deficit much larger than calcuated” .. “economy is slowing down” – Greenspan

August 8, 2011 05:53

“The economy is slowing down.” … “There is no conceivable scenario” to solve this problem without pain. Greenspan points out that the deficit projections are based on much greater economic growth than is actually happening. Greenspan once said that “Deficit spending is simply a scheme for the confiscation of wealth.”

Greenspan summarized the current global economic problem prophetically back in 1966:

“Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale.” – Alan Greenspan – Gold and Economic Freedom; The Objectivist, 1966

Help Make A Difference By Sharing These Articles On Facebook, Twitter And Elsewhere: