by GE Christenson, Gold Seek:
Governments, such as the United States, United Kingdom, Europe, and Japan, spend their paper currencies as if tomorrow will never come. They act as if they believe debts can increase forever, more money will always be available, and debts can be rolled over forever. A recent US vice-president even stated that “deficits don’t matter.” Such economic sins may help the financial elite but they ultimately hurt most people and most economies.
Governments pretend they don’t know there are consequences to actions, bills must be paid, and nothing lasts forever. Government actions are equivalent to an individual announcing, “I can’t be out of money, my credit cards still work.”
A few consequences:
President Nixon closed the “gold window” in 1971 and disconnected the U.S. government, the Federal Reserve and the dollar from the discipline of gold. The result, as measured by official national debt is shown here – a massive increase in debt.
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