"The Emperor Has No Clothes"
Paul Craig Roberts, Assistant Secretary of the Treasury in the Reagan régime, explains how "the government holds the measure of inflation down by measuring a declining standard of living," which "permits our rulers to divert cost-of-living-adjustments that should be paid to Social Security recipients to wars of aggression, police state, and banker bailouts" — Economics 101. He writes:
- Today, consumers are too indebted to borrow, and banks are too insolvent to lend. Therefore, there is no possibility of further debt expansion as a substitute for real income growth. An offshored economy is a dead and exhausted economy.
The consequences of a dead economy when the government is wasting trillions of dollars in wars of naked aggression and in bailouts of fraudulent financial institutions is a government budget that can only be financed by printing money.