As the world economy spirals out of control, many wonder what the next year will look like.
The United States obviously receives the most attention as the world’s premier economic and military power. Its present supply chain crisis and rising inflation has the entire globe worried about what comes next.
However, it’s a mistake to think that the U.S. is the only country in dire straits. Nothing in the world economy occurs in a vacuum. There are tons of countries across the globe that are pursuing easy money and burdensome regulatory policies.
We must remember that these same countries are ruled by people who are committed Keynesians and interventionists. They love taxing their most productive citizens to death and see money printing as the cure for all problems. As our very own George Gammon puts eloquently, we live in a world of out-of-control central banks and big governments.
What this means is that the world is in a race to the bottom where all countries will witness growing levels of despotism and economic instability in the decade to come.Â
Hi George you take on socialism sounds political as do many pundits. I think it is far better to concentrate on educating people that human organisation beyond the barter stage cannot work long term without organising. However the sheer complexity of an economic system means that it cannot be organised or “managed” top down. Only as a self-organising system as we have in the natural world will it function optimally. And that requires free markets without constraints. Only without constraints can prices be determined that reflect all the inputs. So if people choose crap education, crap food, crap entertainment, etc.… Read more »