Armstrong Economics Blog/Economics
Re-Posted Jul 22, 2020 by Martin Armstrong
We have reached the point of no return. Governments will find it IMPOSSIBLE to constantly roll their national debts as we enter 2021. Any attempt at paying down the public debt or moving into surplus would be catastrophic and undermine the entire world economy. Who are we kidding? The tax burden on each generation will progressively get worse until we see blood in the streets, which seems to be the only solution to corrupt governments.
This immediate health crisis has been really the covert means to forcing the climate change crisis people have wrongly assume is our fate. There are those who now advocate Modern Monetary Theory as the ONLY way out and point to six years of negative interest rates in Europe since 2014 with deflation. Their view of neoliberalism supported by Keynesian Economics has collapsed. Therefore, the solution is to cancel all physical money, eliminate cryptocurrencies, and force their vision of how to create this New Green World Order that they claim will produce FULL EMPLOYMENT, which is simply just another empty promise constructed upon theory.