For years I have attempted to generate honest discussion concerning our government’s monetary and fiscal policies. To no avail. People and politicians enjoy picking a side and digging in their heals. No objective discussion of tough questions and root cause of our faulty economic system. Deficit spending and borrowing cannot and will not last forever. Many believe we can balance the budget by taxing the hated 1percent. Even a 100 percent tax rate on the rich will not balance the budget.
The International Monetary Fund (IMF) was established in 1945 based on the flawed banking system implemented by the USA in 1913. Today there are 188 governments that are members of the IMF. Last month the IMF wrote a report called “Fiscal Monitor:Taxing Times.” Their evaluation concerning the ongoing global economic crisis is not optimistic. Forbes Magazine published an article concerning the one time tax section in the IMF report (The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation, Forbes, October 15, 2013). Like all major media publications we are told there are only two avenues, austerity or tax increases. There are other roads we could take.
People I know do not believe they are wealthy. They have worked hard all their lives. They have wealth in property, retirement accounts and things that make them feel good. The IMF report explains the choices governments have under the current economic system. The IMF recognizes governments’ deficit spending will cause these governments to do drastic things to keep the system afloat. Confiscation of retirement accounts, home equity and other assets the working folks have accumulated.
There are other alternatives if people had an objective discussion about our faulty monetary and fiscal policies. I am not the smartest individual ever to wear shoe leather. But reflecting on history’s failed economic systems helps me recognize where we are today and what must be done. It is high time we have sensible discussions of unity and change the future for our children and grandchildren’s sake. Any takers?