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From Government to ‘Robberment’

From Government to ‘Robberment’

Saturday, May 05, 2012 9:39

May 5, 2012 – Back in 2009 when the Greek crisis was just starting to make headlines, I wrote an article concluding that sovereign debt defaults would bring the end of socialism.

My premise was straightforward and based on financial reality. I neatly summarized this inevitable outcome with one of my favorite quotes from Margaret Thatcher: “The problem with socialism is that you eventually run out of other people's money.”

I then went on to say: “…in the months immediately ahead [socialism] will be put to a rigorous test. The test will be visible to everyone as countries around the globe run out of money and confront overwhelming debts that cannot be repaid as well as other wide-ranging financial promises that can no longer be met. In short, the ideological bankruptcy of socialism will be laid bare by government insolvency.”

Here we are three years later with widespread government insolvency. Governments long ago ran out of money, so what did they do? Rather than face the reality that their financial resources are limited and their spendthrift policies and unrealistic promises were placing them on the road to financial ruin, they instead followed the line of least resistance by borrowing ever-increasing amounts of money in a foolish attempt to keep their socialist policies going... Read more>>From Government to ‘Robberment’