The Next Crisis Has Already Begun
The world is increasingly turning to central banks to solve financial problems.
It wasn’t meant to be this way.
The reality is that most developed nations are meant to deal with economic and financial issues politically.
Put another way, politicians are supposed to be the ones who make the tough decisions on how to guide the economy via spending.
Instead, politicians have done one thing only: promised more social spending programs in order to procure votes. Any time a politician is on the campaign trail, he or she promises to fix issues. And those fixes always involve spending more money.
Governments finance their spending with taxes. And if taxes don’t cover the costs of a budget, the government issues debt.
As a result of this, most nations today are up to their eyeballs in debt. And no politician wants to be responsible for stopping this because doing so opens him or her to accusations of being “heartless” because he or she wants to stop social spending.
Which brings us to the central banks.
Lurching Towards the Endgame
Central banks can print money to buy debt via Quantitative Easing Programs. This, in turn, allows politicians to continue to “pass the buck” when it comes to government spending.
And there is no sign of this stopping anytime soon.
As I noted last week, three former central bankers are openly calling for central banks to engage in “helicopter money” – the practice of directly financing government deficits with newly printed money.
This might work for a while, but at some point it leads to a currency collapse.
We just saw this happen in Argentina. And it’s going to happen to every other nation too: Germany, Japan, the U.K., and eventually the U.S.
It’s only a matter of time. If the 2008 crisis consisted of large investment banks going bust, the coming crisis will consist of entire countries going bust…
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Editor, Money & Crisis