“The US worked hard to create the American dream of opportunity. But today, that dream is a myth.”
These are the words of Nobel Prize winning economist Joseph Stiglitz, in his recent article…
Not that I attach much credence to the Nobel Prize per se, as blithering idiots like Paul Krugman won it too , plus a slew of “Bernanke-like” academics – Myron Scholes, Harry Markowitz, Merton Miller, William Sharpe, and Franco Modigliani, to name a few – that have contributed NOTHING to finance but meaningless formulas. In all fairness, colleges have made millions selling suckers – er, students – books containing these theories, and don’t forget the billions spent on tuition to be taught such drivel. And don’t forget John Nash, whose jibberish was awarded with not only a Nobel Prize, but a movie portrayed him as handsome as Russell Crowe and exciting as James Bond – capable, of course, of attracting Hollywood starlets like Jennifer Connelly:
Slightly off topic – but ENTIRELY validating my “anti-Nobel” stance, was its committee’s farcical 2009 decision to give its most valuable distinction to someone not only unworthy of such plaudits, but in reality, championing the polar opposite of peace…
Back to the quote above, I am fixated on its first part, regarding how hard Americans “worked” to create their dream. Pray tell, what “work” is he speaking of? Was it the endless wars – be they “good ones” like World War II or “bad ones” like Korea, Vietnam, and Iraq?” Was it “democracy”, “entrepreneurship,” or a tireless work ethic? And/or all of the above? Please tell me, I’m dying to know!
It’s not like other nations haven’t fought wars, or had democracy, entrepreneurs, and strong work ethics. Europe, Japan, and Southeast Asia have all those traits, as do large swathes of emerging BRICs like China, India, and Brazil. Plus, I’m sure their governments, too, “worked” to create the “British”, “Japanese”, and “Thai” dreams. However, despite great economic success and peaceful existences, NONE have an average standard of living as high as Uncle Sam’s America. Again, how could this be?
I’ll give you a hint, and “Joseph Stiglitz” as well – although unlike the latter, most Miles Franklin readers know the answer. And that hint is…drum roll please…MONEY PRINTING, particularly when one nation is handed the “divine right” to possess – and abuse – the “world’s reserve currency.” Yes, “Nobel Prize economists,” it’s that easy. First you abandon the gold standard – as countless successful, but weakening empires have done throughout history – and then, destroy your gold standard preserved balance sheets for 40 years or so. By then, the resulting standard of living improvement will have been rationalized by the nation’s (arbitrarily determined) “greatest minds” as the product of “hard work”, “democracy,” and “entrepreneurship.”
Which, of course, yields the ultimate hubris of believing INFLATION is the key to success, and HYPERINFLATION the cure to inflationary excess. Though nations like the “great United States” deny it to the end – particularly politicians and bankers, the “1%” of society that benefits from such policy – the past four decades’ “success” was nothing of the sort. To the contrary, MONEY PRINTING – particularly from the ultimate money printer, possessing the “world’s reserve currency” – is the MOST DESTRUCTIVE ECONOMIC POLICY KNOWN TO MAN. And consequently, its ultimate debt MUST eventually be paid…
The “American Dream” was but an illusion, based on utilizing the “world’s reserve currency” to enjoy the fruit of other people’s labors, at least until America’s debt load became untenable. But alas, that point has been reached, and soon the “American Dream” will be long forgotten, like so many failed utopias in history’s dustbin. If you choose to believe government PROPAGANDA – and “European Summit” BABBLE – of “solutions” to terminal fiat illness, you will ultimately be swept up in the above graph – just as EVERY fiat currency in GLOBAL HISTORY.
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