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Can Bitcoin Solve Our Debt Addiction?

Many cryptocurrency lending schemes are eerily similar to banks’ abilities to loan out money and create debt through fractional reserve banking.

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Many cryptocurrency lending schemes are eerily similar to banks’ abilities to loan out money and create debt through fractional reserve banking.

Margarita Groisman graduated from the Georgia Institute of Technology with a degree in industrial engineering and analytics.

(Source)

Since modern capitalism's emergence in the early 19th century, many societies have seen a meteoric rise in wealth and access to cheap goods — with the party coming to an end years later with some sort of major restructuring triggered by a major world event, such as a pandemic or a war. We see this pattern repeat again and again: a cycle of borrowing, debt and high-growth financial systems; then what we now call in America “a market correction.” These cycles are best explained in Ray Dalio’s “How The Economic Machine Works.” This article aims to examine whether a new monetary system backed by bitcoin can address our systematic debt issues built into the monetary system.

There are countless examples in history to illustrate the long-term problem with using debt and money printing to solve financial crises. Japan’s inflation following World War II due to printing monetization of fiscal debt, the eurozone debt crisis, and what seems to be starting in China, beginning with the Evergrande crisis and real estate market collapse in prices and unfortunately, many, many more cases.

Understanding Banking’s Reliance On Credit

The fundamental problem is credit — using money you don’t have yet to buy something you can’t afford in cash. We will all likely take on a large amount of debt one day, whether it’s taking on a mortgage to finance a house, taking on debt for purchases like cars, experiences like college, and so on. Many businesses also use large amounts of debt to conduct their day-to-day business.

When a bank gives you a loan for any of these purposes, it deems you as “credit-worthy,” or thinks that there is a high chance your future earnings and assets combined with your record of payment history will be enough to cover the current cost of your purchase plus interest, so the bank loans you the rest of the money needed to purchase the item with a mutually-agreed upon interest rate and repayment structure.

But where did the bank get all that cash for your large purchase or the business activities? The bank doesn’t manufacture goods or products and is therefore generating extra cash from these productive activities. Instead, they also borrowed this cash (from their lenders who chose to put their savings and extra cash in the bank). To these lenders, it may feel as if this money is readily available for them to withdraw at any moment. The reality is that the bank loaned it out long ago, and charged interest fees significantly more than the interest they pay out to cash deposits, so they can profit from the difference. Furthermore, the bank actually loaned out much more than lenders gave them on the promise of using their future profits to pay back their lenders. Upon a saver’s withdrawal, they simply move around someone else’s cash deposit to ensure you can pay for your purchase right away. This is obviously an accounting oversimplification, but essentially is what happens.

Fractional Reserve Banking: The World’s Biggest Ponzi Scheme?

“Madoff and Pyramid Schemes” (Source)

Welcome to fractional reserve banking. The reality of the money multiplier system is that on average, banks loan out ten times more cash than they actually have deposited, and every loan effectively creates money out of thin air on what is simply a promise to pay it back. It is often forgotten that these private loans are what actually creates new money. This new money is called “credit” and relies on the assumption that only a very small percentage of their depositors will ever withdraw their cash at one time, and the bank will receive all their loans back with interest. If just more than 10% of the depositors try to withdraw their money at once —for example, something driving consumer fear and withdrawal or a recession causing those who have loans not being able to repay them — then the bank fails or needs to be bailed out.

Both of these scenarios have occurred many times in many societies that rely on credit-based systems, though it might be useful to look at some specific examples and their results.

These systems basically have a built-in failure. At some point, there is a guaranteed deflationary cycle where the debt must be paid back.

Society Pays For The Bank’s Risky Loans

There is a lot to discuss in terms of how the central bank attempts to stop these deflationary cycles by decreasing the cost for businesses to borrow money and adding newly-printed money into the system. Fundamentally though, short-term solutions like this cannot work because money cannot be printed without losing its value. When we add new money to the system, the fundamental result is that we are transferring the wealth of every individual in that society to the bleeding bank by decreasing the spending power of the entire society. Essentially, that is what happens during inflation: Everyone, including those not originally involved in these credit transactions, gets poorer and has to pay back all the existing credit in the system.

The more fundamental problem is a built-in growth assumption. For this system to work, there must be more students willing to pay for the increasing costs of college, more people looking to deposit and get loans, more home buyers, more asset creation and constant productive improvement. Growth schemes like this don’t work because eventually the money stops coming and individuals don’t have power to effectively transfer the spending power of the population to pay these debts like banks do.

The system of credit has brought many societies and individuals into prosperity. However, every society that has seen true long-term wealth generation has seen that it comes through the creation of innovative goods, tools, technologies and services. This is the only way to create true long-term wealth and bring about growth. When we create products that are new, useful and innovative that people want to buy because they improve their lives, we get collectively wealthier as a society. When new companies find ways to make goods we love cheaper, we get collectively wealthier as a society. When companies create amazing experiences and services like making financial transactions instant and easy, we get collectively wealthier as a society. When we try to create wealth and massive industries that rely on using credit to bet on risky assets, make market trades and make purchases beyond our current means, then society stagnates or places itself on a trajectory toward decline.

Would it be possible to move toward a system with a more long-term focused outlook with slower but steady growth without the pain of extreme deflationary cycles? First, extreme and risky credit would need to be eliminated which would mean much slower and less short-term growth. Next, our never-ending cash printer would need to end which would lead to extreme pain in some areas of the economy.

Can Bitcoin Address These Issues?

Some say that bitcoin is the solution to these problems. If we move to a world where bitcoin is not just a new form of commodity or asset class, but actually the foundation of a newly-decentralized financial structure, this transition could be an opportunity to rebuild our systems to support long-term growth and end our addiction to easy credit.

Bitcoin is limited to 21 million coins. Once we reach the maximum bitcoin in circulation, no more can ever be created. This means that those who own bitcoin could not have their wealth taken from the simple creation of new bitcoin. However, looking at the lending and credit practices of other cryptocurrencies and protocols, they seem to mirror our current system’s practices, but with even more risk. In a newly-decentralized monetary system, we must make sure we limit the practice of highly-leveraged loans and fractional reserves and build these new protocols into the exchange protocol itself. Otherwise, there will be no change from the issues around credit and deflationary cycles as we have now.

Cryptocurrency Is Following The Same Path As Traditional Banking

It is simply really good business to loan out money and guarantee returns, and there are numerous companies in the cryptocurrency ecosystem making their own products around highly risky credit.

Brendan Greeley writes a convincing argument that loans cannot be stopped just by switching to cryptocurrencies in his essay “Bitcoin Cannot Replace The Banks:”

“Creating new credit money is a good business, which is why, century after century, people have found new ways to make loans. The U.S. historian Rebecca Spang points out in her book ‘Stuff and Money in the French Revolution’ that the monarchy in pre-revolutionary France, to get around usury laws, took lump-sum payments from investors and repaid them in lifetime rents. In 21st-century America, shadow banks pretend they are not banks to avoid regulations. Lending happens. You can’t stop lending. You can’t stop it with distributed computing, or with a stake to the heart. The profits are just too good.”

We saw this happen just recently with Celsius as well, which was a high-yielding lending product that did essentially what banks do but to a more extreme degree by lending out significantly more cryptocurrency than it actually had with the assumptions that there would not be a large amount of withdrawals at once. When a large amount of withdrawals occurred, Celsius had to halt them because it simply did not have enough for its depositors.

So while creating a set limited supply currency may be an important first step, it doesn’t actually solve the more fundamental problems, it just cuts out the current anesthetics. The next step towards building a system around long-term and stabilized growth, assuming future use of an exchange, is standardizing and regulating the use of credit for purchases.

Sander van der Hoog provides an incredibly useful breakdown around this in his work “The Limits to Credit Growth: Mitigation Policies And Macroprudential Regulations To Foster Macrofinancial Stability And Sustainable Debt?” In it, he describes the difference between two waves of credit: “a ‘primary wave’ of credit to finance innovations and a ‘secondary wave’ of credit to finance consumption, overinvestment and speculation.”

“The reason for this somewhat counter-intuitive result is that in the absence of strict liquidity requirements there will be repeated episodes of credit bubbles. Therefore, a generic result of our analysis seems to be that a more restrictive regulation on the supply of liquidity to firms that are already highly leveraged is a necessary requirement for preventing credit bubbles from occurring again and again.”

The clear boundaries and specific credit rules that should be put in place are outside of the scope of this work, but there must be credit regulations put into place if there is any hope of sustained growth.

While van der Hoog’s work is a good place to start to consider more stringent credit regulation, it seems clear that normal credit is an important part of growth and is likely to net positive effects if regulated correctly; and abnormal credit must be heavily limited with exceptions for limited circumstances in a world run on bitcoin.

As we seem to be gradually transitioning into a new currency system, we must make sure that we don’t take our old, unhealthy habits and simply convert them into a new format. We must have built-in stabilizing credit rules right into the system, or it will be too difficult and painful to transition out of the dependence on easy cash — as it is now. Whether these be built into the technology itself or in a layer of regulation is yet unclear and should be a topic of significantly more discussion.

It seems that we have come to simply accept that recessions and economic crises will just happen. While we will never have a perfect system, we may indeed be moving toward a more efficient system that promotes long-term maintainable growth with the inventions of bitcoin as a means of exchange. The suffering caused to those who cannot afford the inflated price of necessary goods and to those who see their life savings and work disappear during crises that are clearly predictable and built into existing systems do not actually have to occur if we build better and more rigorous systems around credit in this new system. We must make sure we don’t take our current nasty habits that cause extraordinary pain in the long term and build them into our future technologies.

This is a guest post by Margarita Groisman. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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Are Voters Recoiling Against Disorder?

Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super…

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Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super Tuesday primaries have got it right. Barring cataclysmic changes, Donald Trump and Joe Biden will be the Republican and Democratic nominees for president in 2024.

(Left) President Joe Biden delivers remarks on canceling student debt at Culver City Julian Dixon Library in Culver City, Calif., on Feb. 21, 2024. (Right) Republican presidential candidate and former U.S. President Donald Trump stands on stage during a campaign event at Big League Dreams Las Vegas in Las Vegas, Nev., on Jan. 27, 2024. (Mario Tama/Getty Images; David Becker/Getty Images)

With Nikki Haley’s withdrawal, there will be no more significantly contested primaries or caucuses—the earliest both parties’ races have been over since something like the current primary-dominated system was put in place in 1972.

The primary results have spotlighted some of both nominees’ weaknesses.

Donald Trump lost high-income, high-educated constituencies, including the entire metro area—aka the Swamp. Many but by no means all Haley votes there were cast by Biden Democrats. Mr. Trump can’t afford to lose too many of the others in target states like Pennsylvania and Michigan.

Majorities and large minorities of voters in overwhelmingly Latino counties in Texas’s Rio Grande Valley and some in Houston voted against Joe Biden, and even more against Senate nominee Rep. Colin Allred (D-Texas).

Returns from Hispanic precincts in New Hampshire and Massachusetts show the same thing. Mr. Biden can’t afford to lose too many Latino votes in target states like Arizona and Georgia.

When Mr. Trump rode down that escalator in 2015, commentators assumed he’d repel Latinos. Instead, Latino voters nationally, and especially the closest eyewitnesses of Biden’s open-border policy, have been trending heavily Republican.

High-income liberal Democrats may sport lawn signs proclaiming, “In this house, we believe ... no human is illegal.” The logical consequence of that belief is an open border. But modest-income folks in border counties know that flows of illegal immigrants result in disorder, disease, and crime.

There is plenty of impatience with increased disorder in election returns below the presidential level. Consider Los Angeles County, America’s largest county, with nearly 10 million people, more people than 40 of the 50 states. It voted 71 percent for Mr. Biden in 2020.

Current returns show county District Attorney George Gascon winning only 21 percent of the vote in the nonpartisan primary. He’ll apparently face Republican Nathan Hochman, a critic of his liberal policies, in November.

Gascon, elected after the May 2020 death of counterfeit-passing suspect George Floyd in Minneapolis, is one of many county prosecutors supported by billionaire George Soros. His policies include not charging juveniles as adults, not seeking higher penalties for gang membership or use of firearms, and bringing fewer misdemeanor cases.

The predictable result has been increased car thefts, burglaries, and personal robberies. Some 120 assistant district attorneys have left the office, and there’s a backlog of 10,000 unprosecuted cases.

More than a dozen other Soros-backed and similarly liberal prosecutors have faced strong opposition or have left office.

St. Louis prosecutor Kim Gardner resigned last May amid lawsuits seeking her removal, Milwaukee’s John Chisholm retired in January, and Baltimore’s Marilyn Mosby was defeated in July 2022 and convicted of perjury in September 2023. Last November, Loudoun County, Virginia, voters (62 percent Biden) ousted liberal Buta Biberaj, who declined to prosecute a transgender student for assault, and in June 2022 voters in San Francisco (85 percent Biden) recalled famed radical Chesa Boudin.

Similarly, this Tuesday, voters in San Francisco passed ballot measures strengthening police powers and requiring treatment of drug-addicted welfare recipients.

In retrospect, it appears the Floyd video, appearing after three months of COVID-19 confinement, sparked a frenzied, even crazed reaction, especially among the highly educated and articulate. One fatal incident was seen as proof that America’s “systemic racism” was worse than ever and that police forces should be defunded and perhaps abolished.

2020 was “the year America went crazy,” I wrote in January 2021, a year in which police funding was actually cut by Democrats in New York, Los Angeles, San Francisco, Seattle, and Denver. A year in which young New York Times (NYT) staffers claimed they were endangered by the publication of Sen. Tom Cotton’s (R-Ark.) opinion article advocating calling in military forces if necessary to stop rioting, as had been done in Detroit in 1967 and Los Angeles in 1992. A craven NYT publisher even fired the editorial page editor for running the article.

Evidence of visible and tangible discontent with increasing violence and its consequences—barren and locked shelves in Manhattan chain drugstores, skyrocketing carjackings in Washington, D.C.—is as unmistakable in polls and election results as it is in daily life in large metropolitan areas. Maybe 2024 will turn out to be the year even liberal America stopped acting crazy.

Chaos and disorder work against incumbents, as they did in 1968 when Democrats saw their party’s popular vote fall from 61 percent to 43 percent.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Sat, 03/09/2024 - 23:20

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Government

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The…

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Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Department of Veterans Affairs (VA) reviewed no data when deciding in 2023 to keep its COVID-19 vaccine mandate in place.

Doses of a COVID-19 vaccine in Washington in a file image. (Jacquelyn Martin/Pool/AFP via Getty Images)

VA Secretary Denis McDonough said on May 1, 2023, that the end of many other federal mandates “will not impact current policies at the Department of Veterans Affairs.”

He said the mandate was remaining for VA health care personnel “to ensure the safety of veterans and our colleagues.”

Mr. McDonough did not cite any studies or other data. A VA spokesperson declined to provide any data that was reviewed when deciding not to rescind the mandate. The Epoch Times submitted a Freedom of Information Act for “all documents outlining which data was relied upon when establishing the mandate when deciding to keep the mandate in place.”

The agency searched for such data and did not find any.

The VA does not even attempt to justify its policies with science, because it can’t,” Leslie Manookian, president and founder of the Health Freedom Defense Fund, told The Epoch Times.

“The VA just trusts that the process and cost of challenging its unfounded policies is so onerous, most people are dissuaded from even trying,” she added.

The VA’s mandate remains in place to this day.

The VA’s website claims that vaccines “help protect you from getting severe illness” and “offer good protection against most COVID-19 variants,” pointing in part to observational data from the U.S. Centers for Disease Control and Prevention (CDC) that estimate the vaccines provide poor protection against symptomatic infection and transient shielding against hospitalization.

There have also been increasing concerns among outside scientists about confirmed side effects like heart inflammation—the VA hid a safety signal it detected for the inflammation—and possible side effects such as tinnitus, which shift the benefit-risk calculus.

President Joe Biden imposed a slate of COVID-19 vaccine mandates in 2021. The VA was the first federal agency to implement a mandate.

President Biden rescinded the mandates in May 2023, citing a drop in COVID-19 cases and hospitalizations. His administration maintains the choice to require vaccines was the right one and saved lives.

“Our administration’s vaccination requirements helped ensure the safety of workers in critical workforces including those in the healthcare and education sectors, protecting themselves and the populations they serve, and strengthening their ability to provide services without disruptions to operations,” the White House said.

Some experts said requiring vaccination meant many younger people were forced to get a vaccine despite the risks potentially outweighing the benefits, leaving fewer doses for older adults.

By mandating the vaccines to younger people and those with natural immunity from having had COVID, older people in the U.S. and other countries did not have access to them, and many people might have died because of that,” Martin Kulldorff, a professor of medicine on leave from Harvard Medical School, told The Epoch Times previously.

The VA was one of just a handful of agencies to keep its mandate in place following the removal of many federal mandates.

“At this time, the vaccine requirement will remain in effect for VA health care personnel, including VA psychologists, pharmacists, social workers, nursing assistants, physical therapists, respiratory therapists, peer specialists, medical support assistants, engineers, housekeepers, and other clinical, administrative, and infrastructure support employees,” Mr. McDonough wrote to VA employees at the time.

This also includes VA volunteers and contractors. Effectively, this means that any Veterans Health Administration (VHA) employee, volunteer, or contractor who works in VHA facilities, visits VHA facilities, or provides direct care to those we serve will still be subject to the vaccine requirement at this time,” he said. “We continue to monitor and discuss this requirement, and we will provide more information about the vaccination requirements for VA health care employees soon. As always, we will process requests for vaccination exceptions in accordance with applicable laws, regulations, and policies.”

The version of the shots cleared in the fall of 2022, and available through the fall of 2023, did not have any clinical trial data supporting them.

A new version was approved in the fall of 2023 because there were indications that the shots not only offered temporary protection but also that the level of protection was lower than what was observed during earlier stages of the pandemic.

Ms. Manookian, whose group has challenged several of the federal mandates, said that the mandate “illustrates the dangers of the administrative state and how these federal agencies have become a law unto themselves.”

Tyler Durden Sat, 03/09/2024 - 22:10

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The Coming Of The Police State In America

The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now…

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The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now patrolling the New York City subway system in an attempt to do something about the explosion of crime. As part of this, there are bag checks and new surveillance of all passengers. No legislation, no debate, just an edict from the mayor.

Many citizens who rely on this system for transportation might welcome this. It’s a city of strict gun control, and no one knows for sure if they have the right to defend themselves. Merchants have been harassed and even arrested for trying to stop looting and pillaging in their own shops.

The message has been sent: Only the police can do this job. Whether they do it or not is another matter.

Things on the subway system have gotten crazy. If you know it well, you can manage to travel safely, but visitors to the city who take the wrong train at the wrong time are taking grave risks.

In actual fact, it’s guaranteed that this will only end in confiscating knives and other things that people carry in order to protect themselves while leaving the actual criminals even more free to prey on citizens.

The law-abiding will suffer and the criminals will grow more numerous. It will not end well.

When you step back from the details, what we have is the dawning of a genuine police state in the United States. It only starts in New York City. Where is the Guard going to be deployed next? Anywhere is possible.

If the crime is bad enough, citizens will welcome it. It must have been this way in most times and places that when the police state arrives, the people cheer.

We will all have our own stories of how this came to be. Some might begin with the passage of the Patriot Act and the establishment of the Department of Homeland Security in 2001. Some will focus on gun control and the taking away of citizens’ rights to defend themselves.

My own version of events is closer in time. It began four years ago this month with lockdowns. That’s what shattered the capacity of civil society to function in the United States. Everything that has happened since follows like one domino tumbling after another.

It goes like this:

1) lockdown,

2) loss of moral compass and spreading of loneliness and nihilism,

3) rioting resulting from citizen frustration, 4) police absent because of ideological hectoring,

5) a rise in uncontrolled immigration/refugees,

6) an epidemic of ill health from substance abuse and otherwise,

7) businesses flee the city

8) cities fall into decay, and that results in

9) more surveillance and police state.

The 10th stage is the sacking of liberty and civilization itself.

It doesn’t fall out this way at every point in history, but this seems like a solid outline of what happened in this case. Four years is a very short period of time to see all of this unfold. But it is a fact that New York City was more-or-less civilized only four years ago. No one could have predicted that it would come to this so quickly.

But once the lockdowns happened, all bets were off. Here we had a policy that most directly trampled on all freedoms that we had taken for granted. Schools, businesses, and churches were slammed shut, with various levels of enforcement. The entire workforce was divided between essential and nonessential, and there was widespread confusion about who precisely was in charge of designating and enforcing this.

It felt like martial law at the time, as if all normal civilian law had been displaced by something else. That something had to do with public health, but there was clearly more going on, because suddenly our social media posts were censored and we were being asked to do things that made no sense, such as mask up for a virus that evaded mask protection and walk in only one direction in grocery aisles.

Vast amounts of the white-collar workforce stayed home—and their kids, too—until it became too much to bear. The city became a ghost town. Most U.S. cities were the same.

As the months of disaster rolled on, the captives were let out of their houses for the summer in order to protest racism but no other reason. As a way of excusing this, the same public health authorities said that racism was a virus as bad as COVID-19, so therefore it was permitted.

The protests had turned to riots in many cities, and the police were being defunded and discouraged to do anything about the problem. Citizens watched in horror as downtowns burned and drug-crazed freaks took over whole sections of cities. It was like every standard of decency had been zapped out of an entire swath of the population.

Meanwhile, large checks were arriving in people’s bank accounts, defying every normal economic expectation. How could people not be working and get their bank accounts more flush with cash than ever? There was a new law that didn’t even require that people pay rent. How weird was that? Even student loans didn’t need to be paid.

By the fall, recess from lockdown was over and everyone was told to go home again. But this time they had a job to do: They were supposed to vote. Not at the polling places, because going there would only spread germs, or so the media said. When the voting results finally came in, it was the absentee ballots that swung the election in favor of the opposition party that actually wanted more lockdowns and eventually pushed vaccine mandates on the whole population.

The new party in control took note of the large population movements out of cities and states that they controlled. This would have a large effect on voting patterns in the future. But they had a plan. They would open the borders to millions of people in the guise of caring for refugees. These new warm bodies would become voters in time and certainly count on the census when it came time to reapportion political power.

Meanwhile, the native population had begun to swim in ill health from substance abuse, widespread depression, and demoralization, plus vaccine injury. This increased dependency on the very institutions that had caused the problem in the first place: the medical/scientific establishment.

The rise of crime drove the small businesses out of the city. They had barely survived the lockdowns, but they certainly could not survive the crime epidemic. This undermined the tax base of the city and allowed the criminals to take further control.

The same cities became sanctuaries for the waves of migrants sacking the country, and partisan mayors actually used tax dollars to house these invaders in high-end hotels in the name of having compassion for the stranger. Citizens were pushed out to make way for rampaging migrant hordes, as incredible as this seems.

But with that, of course, crime rose ever further, inciting citizen anger and providing a pretext to bring in the police state in the form of the National Guard, now tasked with cracking down on crime in the transportation system.

What’s the next step? It’s probably already here: mass surveillance and censorship, plus ever-expanding police power. This will be accompanied by further population movements, as those with the means to do so flee the city and even the country and leave it for everyone else to suffer.

As I tell the story, all of this seems inevitable. It is not. It could have been stopped at any point. A wise and prudent political leadership could have admitted the error from the beginning and called on the country to rediscover freedom, decency, and the difference between right and wrong. But ego and pride stopped that from happening, and we are left with the consequences.

The government grows ever bigger and civil society ever less capable of managing itself in large urban centers. Disaster is unfolding in real time, mitigated only by a rising stock market and a financial system that has yet to fall apart completely.

Are we at the middle stages of total collapse, or at the point where the population and people in leadership positions wise up and decide to put an end to the downward slide? It’s hard to know. But this much we do know: There is a growing pocket of resistance out there that is fed up and refuses to sit by and watch this great country be sacked and taken over by everything it was set up to prevent.

Tyler Durden Sat, 03/09/2024 - 16:20

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