9 Dec

The West is signing its own death sentence

Janet Daley @ The Telegraph:

When the Edward Gibbon of the 22nd century comes to write his History of the Decline and Fall of the West, who will feature in his monumental study of the collapse of the most successful economic experiment in human history? In this saga of the mass suicide of the richest nations on earth, there may be particular reference to those national leaders who chose to deny the reality that was, from the vantage point of our future chronicler, so obviously looming. Or maybe the leadership of our day in Washington, London and Brussels will appear to have been swept helplessly along by irresistible forces that originated before their time.

But for us, right here, right now, it matters that Barack Obama and George Osborne are playing small-time strategic games with their toy-town enemies while the unutterable economic truth stares them in the face. (The political leadership of the EU seems to have passed through the looking glass into a world where the rules of economics do not apply, so their statements and actions are beyond analysis.) Mr Obama is locked in an eye-balling contest with a Republican Congress to see who can end up with more ignominy when the United States goes over the fiscal cliff. It is clear now that the president will be quite happy to bring about this apocalypse – which would pull most of the developed world into interminable recession – if he could be sure that it would result in long-term electoral damage to his opponents.

Meanwhile, Mr Osborne takes teeny-tiny steps in the direction which is the only plausible one: little bitty reductions in the welfare programme to “make work pay” which are barely enough to push those who are actually working in the black economy off the unemployment rolls, and fiddly adjustments (almost too small to notice in day-to-day life) to lessen the burden of tax that bears down on people who are scarcely self-sustaining, let alone prosperous. Supposedly from opposite sides of the political divide, the US president and the British Chancellor come to a surprisingly similar conclusion: it is not feasible to speak the truth, let alone act on it. The truth being, as this column has often said, that present levels of public spending and government intervention in the US, Britain and Europe are unsustainable. The proportion of GDP which is now being spent by the governments of what used to be called the “free world” vastly exceeds what it is possible to raise through taxation without destroying any possibility of creating wealth, and therefore requires either an intolerable degree of national debt or the endless printing of progressively more meaningless money – or both.

How on earth did we get here? As every sane political leader knows by now, this is not just a temporary emergency created by a bizarre fit of reckless lending: the crash of 2008 simply blew the lid off the real scandal of western economic governance. Having won the Cold War and succeeded in settling the great ideological argument of the 20th century in favour of free-market economics, the nations of the West managed to bankrupt themselves by insisting that they could fund a lukewarm form of socialism with the proceeds of capitalism.

Read more

       

About Curt

Curt served in the Marine Corps for four years and has been a law enforcement officer in Los Angeles for the last 20 years.

One Response to The West is signing its own death sentence

  1. FAITH7 says: 1

    “the nations of the West managed to bankrupt themselves by insisting that they could fund a lukewarm form of socialism with the proceeds of capitalism.”

    Sadly, this pretty much says it all.

    It’s really funny to me, how people will denounce and demonize Christmas because of the “Christ” connotation…

    Yet, the same people will totally ignore the “Conserve” connotation in “Conservative” and just plow ahead into the demonization of Conservatives….

    CONSERVE: noun 1. the act of conserving ; prevention of injury, decay, waste, or loss;
    ____________________________________________
    LIBERAL: (a.) Free to excess; regardless of law or moral restraint; licentious. (a.) Bestowed in a large way; hence, more than sufficient; abundant; bountiful; ample; profuse.
    thinkexist.com

    Liberals – Since an excessive amount of them voted for a ‘big spender’ and therefore the thought process behind our insurmountable trillions of debt and the tax load presented to every American in the very near future via the looming fiscal cliff…not to mention the push for a “Blank Check” by the “Spender in Chief” – Barry for future debt… seems our doom is upon us.

    Yes, Yes, elections do have consequences…we are in for some terrible ones…

    This is just the thing the Conservatives kept warning everyone about… but, Conservatives are the bad guys…?!?

    Odd, it was very hard to find on the internet a definition of ‘liberal’ and in a non-political sense…

    ReplyReply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>