Banker Debt: The Key to the Modern Welfare State – Wall Street Underground

By Nick Guarino | March 30, 2010

Maybe the worst thing the banker whores did was to buy, resell and finance government sovereign debt.

That gave birth to the great modern socialist welfare states. It let these states exist and thrive. It made government the biggest single employer in the U.S.

Look at our nation for the past 80 years. People have been given far, far more than they produced. There is no such thing as a free lunch. So how did we do it?

The answer is obvious. Credit. We borrowed the money. So it was not a free lunch. It was a borrowed meal. And eventually you run out of credit. You must pay back ALL that borrowed money you owe.

We dumped all the hard part -– all the repayment — on FUTURE generations. On people not even born yet. Which means those people — the ones unfortunate enough to pay back our free lunches — end up getting less.

That “getting less part” is called a deflation. GOT IT? You better!

With each passing year, government’s socialist giveaway programs have grown bigger and bigger. They have compounded their vast debts for the past 40 years, 60 years or more. That is why they owe hundreds of trillions of dollars.

Over half the world’s population is on government socialistic welfare. From education, to housing, to food, to health care, to retirement. The majority of citizens in our modern democracies receive DIRECT government handouts.

Always financed by out-of-control debt. i.e. other people’s money. It’s going to be an ugly world indeed when their largesse is cut off for lack of money.

Think what the world will look like, when that happens in country after country.

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