Hubris mixed with ignorance?

The dollar as all fiat currency is NO storehouse of the value of your life work. Over 40 US states are headed just this way.

Jim

Jim,

The headlines reveal all the hallmark signs of Keynesian addiction. While in many cases the abusers know their actions are detrimental, they simply cannot stop. Maybe it's nothing more than hubris mixed with ignorance of an economic theory that has morphed well beyond the intentions of its creator. As you said, over 40 US states are headed this way. Like an addict, they have to hit rock bottom, enforced by the discipline of the market, before the epiphany that “real” or inflation adjusted standard of livings need to be lowered.

Eric

Illinois Stops Paying Its Bills, but Can’t Stop Digging Hole

He picks the papers off his desk and points to a figure in red: $5.01 billion.

“This is what the state owes right now to schools, rehabilitation centers, child care, the state university — and it’s getting worse every single day,” he says in his downtown office.

7.9 million jobs lost, many forever

"We've entered a era where the United States will see more frequent recessions than anyone is used to," Achuthan said.

One of the big problems is that many of workers who have lost jobs were in industries that are not likely to recover their former strength.