Originally Posted by MichaelB
Well, that's economic collapse. Not as severe as a war, much more severe than the '08 crisis, and I believe Mr. Zulauf overdoes it. But he is trying to make a point which is valid, that developed countries need to get their (our) sh!t together and start showing greater financial responsibility.
But he also says that it's nearly impossible, in practical political terms, to do this in a democracy. Any government (and he also said it's becoming harder and harder for any one party to form a strong government) that starts being financially responsible is likely to be voted out at the next election.
Mr Zulauf says: this economic crisis can't be prevented. Government action will not be effective, and any government that did take effective action would probably be out of power soon afterwards. If an individual does take his advice and come out of the mess with a profit, the government will tax it away. What he's describing is a no-win situation, and I still have my doubts that there is any practical value to this information. What good is it, except to promote anxiety?