Or is the emperor stark staring naked? News stories about hundreds of billions of brand-new bailout dollars make my swim. Is it Tinker Bell magic?
Thanks to the money wand, thousands of insiders win big today and millions of outsiders have certain losses later on. I know what a paycheque is and what a nest-egg and business capital can buy, but this magic money sounds fake to me. There’s always an entry on both sides of the ledger.
Tinker Bell’s magic wand publishes new money for the ECB, the Fed and all their friends. It backs bank-like entities and sovereign accounts but is extracted from somewhere else by thieves, virtuous in their own eyes, but thieves nonetheless.
Some is stolen by diluting the present currency. The new digital money takes a while to diffuse. The first spenders get it on their books within minutes and hog full value. You and I who get around to spending the dilute currency later, find it doesn’t buy what it used to. More is stolen by looting the future, the day of reckoning hidden in the maturity date of the Tinker Bell bonds and bills. The government guarantee means money is being stolen from the future in small chunks from millions of chumps.
Progressive democracy is the greatest tool ever created for wealth transfer. The socialist dream created a channel to move wealth from the few to the many. Insider entrepreneurs discovered it works just fine in reverse. Fiat credit is sticking to the few and fiat debt is being stuck to the many.
The poker principle: If after twenty minutes at the table, you don’t know who the mark is, you’re the mark. When you read that printing and juggling will save nations, banks, the euro, the dollar and the yen and nobody has to suffer, you and your kids will be paying.
The good news: We and millions more are voters.