This link to a Mike Maloney video is a timely reminder that the price of peace is eternal vigilance. The UK has just elected a left leaning government by a landslide majority (Labour) with the biggest loss of seats by any party in any previous election in history, due to disillusionment of the public of the conservatives (Tory party) whose successive and unelected leaders has led to one sleeze event after another. Public trust in government needs a desperate reset. But can Labour do any better than their predecessors, or are they likely to succumb to the attraction of printing yet more fiat currency into existence, further increasing the wealth of the top 1% to the disbenefit of the bottom 99%?
Mike’s message, in his video about the negative impact on over 90% of US citizens as a result of government policy of “QE forever” has caused the richest 1% of American citizens to grow their currency worth by 111 times since 2005 to a share of 31% whereas the share of the other 99% has fallen from 92% to 69%. He says don’t blame the wealthy. They create the job opportunities by risking their capital in businesses. Blame the government who created the illegal theft of citizen’s money (real worth) by allowing quantitative easing on an unprecedented scale. Mike concludes that if the PhDs who make the government’s financial system don’t know what they are doing, they are incompetent. But if they do know what they are doing, they should all go to jail. Only for those who can’t understand why they seem to be worse off, not better off, as time marches by.