Thursday, June 09, 2016

Free Money Leaves Everyone Poorer
Bill Bonner analyzes the new trend of governments on providing free money or what they call "guaranteed income" to all citizens .. "The ‘good government’ conservatives have their calculators out. They say the war could be fought much more efficiently by simply handing each poor family a million bucks. Problem solved! The ‘poor’ would be overnight millionaires. Mission accomplished! And think of the economic stimulus it would bring! For a few months, the poverty problem would be solved…and replaced by plenty of other problems. Free money is a blind menace: It ruins the rich and the poor alike .. Local industries disappear; they can’t compete with free goods and services. Bad habits proliferate; crime and violence rise, as the devil and idle hands find each other .. Money has to be earned — from work, investment, trade, commerce, and industry. It is the product…the fruit…of effort. Not of idleness .. Free money creates the illusion of wealth — in a family or an economy — and leaves everyone poorer."
link here to the article

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