For the past 30 years, an increasingly socialist U.S. Congress has drastically overspent in its errant attempt to ‘help’ everyone. In so doing, it has depleted the wealth of a hugely productive economy by consistently encouraging citizens to consume more than they produce. Today, America’s standard of living is financed largely by depreciation of the U.S. dollar, high taxation and by massive borrowing, from citizens, foreigners and from future generations. FULL ARTICLE
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2 comments ↓
An interesting article, but also not very informative. What does Mr. Browne mean by “re-structuring” America’s economy? He mentioned it several times but never gave a hint of what he meant by re-structure. So I thought I would check out his Firm Euro Pacific Capital and its Business Mission ( Foreign Investments). And from there I researched the Management and staff of his Company.
I would advise readers to do the same. Although they claim that their business model is not self serving and they are free from conflicts of interest toward the United States Economy, keep in mind that their focus is in the Global Market opportunities. In short a failing U S Economy might open up opportunities for them in Foreign Financial investments.
Finally note that nearly all of the Euro Pacific people have come thru Lehman Brothers, Goldman Sachs, and all the others who are now at the bailout trough.
Cliff, I think time will tell. Personally, there is no one in the financial sector that I trust more than Peter Schiff, and that’s why we started carrying his column here recently.
John Browne usually has some good commentary as well, but I think his shortcoming is that he doesn’t take a strong enough line – such as with this article.
The truth of the matter is simple, and it’s what Schiff and others – like Ron Paul – have been warning us about for years. This entire economy is a ponzi scheme. We borrow and spend, and inflate like crazy.
What we need to be doing instead is saving, and producing – and of course, not inflating.
Things that can’t go on forever, don’t.
This economy is a house of cards, and it’s anything but foolish for each individual to protect their wealth in foreign assets. When the dollar collapses, and it likely will, it’s going to do it fast.
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