By Duncan Smith
Republicans campaigned in 2020 against encroaching Democratic socialism.
While many of them won their House races and unseated Democrats in the process, the GOP lost control of the Senate, lost the presidency (so we are told), and did not gain control of the House.
The result: A tsunami of abject socialism in terms of public and fiscal policy.
So much so, in fact, that a noted economist now says that Sen. Bernie Sanders, the chamber’s long, lone admitted voice of socialism, has won by proxy.
Biden and his Democrats are spending so much money — and planning to spend a lot more — to hook tens of millions of Americans on the public dole.
The situation is already so bad just with extended unemployment benefits that restaurants and other businesses can’t find enough workers to reopen.
Why? Those workers bring in more money on unemployment, thanks to the multi-trillions gifted through subsequent rounds of “COVID relief” bills.
Now, those gains are likely permanent.
From an intel report we get:
During last weekend's Berkshire Hathaway shareholders meeting, Charlie Munger pointed out how economic and financial conditions are leading to socialism. '[O]ne consequence of the present situation is that Bernie Sanders has basically won. And that's because with the — everything boomed up so high and interest rates so low, what's going to happen is the Millennial generation is going to have a hell of a time getting rich compared to our generation. And so the difference between the rich and the poor and the generation that's rising is going to be a lot less. So Bernie has won. He did it by accident, but he won.'
A subsequent analysis from Munger’s statement notes:
This has been a recurring theme of this report. With the way financial conditions are, Millennials are easily 20-30% behind their parents' generation at the same age. I'm reading a book called Revolution and Rebellion in the Early Modern World. Author Jack Goldstone points out that one of the contributing factors to the English Civil War, 1642-1651, was an increase in landless peasants. In 1500, landless peasants made up 11% of the population, and by 1640, they made up 40%. Today's Millennials have the lowest rate of home ownership of any generation on record, and the highest levels of debt. Roughly 42% of today's 30-year old Millennials own a home, rising to roughly 47% when you include all Millennials. That means that 53% of Millennials don't own a home — a majority of whom are essentially landless peasants. I'm not trying to draw a strong conclusion from a single factor, however, reading Goldstone's research, it's difficult to not compare the lead up to the English Civil War against what's happening in the United States today. Bridgewater's Ray Dalio has spoken many times on the coming conflict between capitalism and socialism. I do believe that the United States is likely to adopt universal healthcare and some form of universal basic income this decade, largely due to financial conditions. Munger is correct on this one.
Conflict is coming. And the results will likely be bifurcation of America because the one side — socialist tyranny — cannot coexist with the other — constitutional republicanism as we were founded.
Biden's inflation is GETTING WORSE by the month...
Around the world, supply chains continue to be disrupted. Delays are now commonplace. And they're going to get worse.
There IS a financial reset coming - that's just true. All the signs indicate as much.