Originally Posted by
Progress Wanchai
Who on earth thinks the West is enlightened or scientific?
Oh, that’s right. The West.
Its not a pandemic or our reaction to it that will affect future generations. It’s our greed using borrowed money to provide a lifestyle we couldn’t afford unless we used the future to pay for it.
2008/2009 should have been the bust that always follows the boom in a truly capitalist system. Instead we borrowed and printed billions in an effort to avoid a massive downturn a decade ago. But we didn’t avoid it, we just kicked the can down the road for a few years while turning ourselves into a global version of Zimbabwe (except instead of inflating the price of a loaf of bread we inflated asset prices).
This time we’re printing trillions.
Enlightened and scientific?
Sadly the ‘West’ doesn’t exactly have the prerogative on greed. And qualitative easing (never did fully understand that phrase...easing what exactly, other than any sense of fiscal responsibility ?)
Our immediate neighbours to the North have a pretty good handle on leveraged debt...the whole nation and it’s respective regional governments are perched on a giant Ponzi scheme.