The simple summary of what years of governmental intervention accomplished  is the impending economic and financial tragedy.  Politicians from the past may have gleaned benefits.  Our generation is left to pick up the pieces.

By Monty Pelerin at American Thinker

EXCERPTS:

The current economic crisis rivals the one of the 1930s.  Despite shameless propaganda by government and its cronies in the media, people understand that the situation is getting worse.

We are headed for an event that history will record as worse than the Great Depression.  It is unavoidable.

The principal reason for the dire prediction is the level of debt outstanding.  Current debt levels are simply not sustainable.  Assets and cash flows cannot support or service this debt.

Only in the 1920s and recently did debt exceed 180% of GDP.  Even funding World Wars I and II did not drive debt above 180%.

To return to 150% requires a reduction of about $30 Trillion in debt. That represents about two full years worth of GDP!

The US is not unique.  Most of the developed world is burdened by excessive credit and government spending.  Easy credit enabled governments to grow too large and individuals to take on too much debt.  The point where markets are unwilling to provide more debt has arrived.

The current credit bubble is bigger than the one that preceded and caused The Great Depression.

Reducing debt to manageable levels will produce another Great Depression, likely greater and more painful than the original.

FULL ARTICLE

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