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perle's avatar

Perfect summary. Just one thing left out. In 1929 there were many innovative technologies, business was booming, debt was low and we had gold in Fort Knox. 2023 and the economy is lousy, public and private debt are at all-time highs, people aren't working and stocks are in the stratosphere. There is an old saying. "Trees don't grow to the sky." What can't go on won't go on.

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DJL's avatar

I was wondering when someone, anyone, would write an article about how much more it was going to cost the federal government to borrow money now that interest rates were rising. The free ride is over. While the politicians and news media try to scare people about the effects of a national default, the future holds another real dilemma fast approaching where just paying the interest on the debt is going to inevitably reduce budgets and borrowing by the government. As Victor Davis Hanson wrote in a column recently - not about this topic - but it fits: What can't go on won't go on.

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