Uncomfortable Truths About Banking and Money
Most people like their truth palatable, easy to digest, and believable. Unfortunately for our emotional needs, some truths are uncomfortable, unsettling, and difficult.
Regarding the United States, the U.K., Europe, and Japan IT IS COMFORTING TO BELIEVE:
- Debt has increased exponentially for decades, and in the case of the US, for over 100 years. It has worked so far, so we want to believe it will continue for the foreseeable future.
- Our governments act as if they believe we can borrow ourselves out of debt, spend our way into prosperity, and pretend and extend indefinitely.
- Every major country has a central bank, so it is comforting to believe they are needed.
- It is comforting to believe that gold is unnecessary. As per Warren Buffett, we dig it from the ground, and then store it in a vault, where it sits.
These may be common and comfortable beliefs but they are all incorrect, and will be proven false in coming years.
In the US, national debt has increased from about $3 billion in 1913 to over
