16 sats \ 10 replies \ @sb 22 Mar

"With nations seeking to end the dollar’s status as the world’s reserve currency, the end of America’s disastrous experiment with fiat money, and with it the welfare-warfare state, could be on the horizon. "

He's such a master with words. And absolutely spot on here.

I wonder how different the world would be today if the 2012 Republican primary had gone differently...

I don't think that "master with words" apply to someone describing the US as a welfare state

Why? The US has between 60 and 200 trillion dollars in unfunded entitlement liabilities. Sounds like a "welfare state".

Let's just say that most of the world would disagree with the American definition of a what is a welfare state. Funding private sector with public debt is not my definition of a welfare state

That's not what happens. The bulk of Federal spending is direct transfer payments to individuals.

The bulk of social expenditure for the US is "old age" and "health". 2 area with very low social net if you're poor. Not what I call a welfare state

Fine. Call it whatever you want, but the US spends more on direct government transfers than most "welfare states", so it's not an unreasonable label.

Not proportional to GDP, but in absolute number, possibly.

I was thinking per capita, where the US is 10th, but it's 16th as % of GDP.

10 sats \ 1 replies \ @sb 23 Mar

Let's face it. The welfare state in the US is privileged boomers having their retirements and health problems paid for by young hard working people who have been born at the wrong end of the debt cycle. What a joke.

I have no objection to this characterization.

Boomers won't be satisfied until they've consumed all of the resources from their own generation, their parents generation, and their children's generation.

Hopefully, they'll be out of the picture before they get to plunder their grandchildren as well.

Reading “End the Fed” by Ron Paul was when I first started realizing what fiat money is all about, it is a great book in my opinion.

how is old ron now?

Ron Paul, legend! Nails it. Dude is still going strong.

Nah. They are a sign of everything staying exactly like it is, Ron Paul. Don't worry, you will still be able to live better than most people.