Government And The Fed Have Us On Road To Ruin

David Stockman has a thought-provoking column in the New York Times about what he sees as "sundown in America." He believes that quantitative easing (flooding the market with newly-printed money) and other government policies have us on the road the road to economic collapse. Here's part of what he has to say:

The Main Street economy is failing while Washington is piling a soaring debt burden on our descendants, unable to rein in either the warfare state or the welfare state or raise the taxes needed to pay the nation’s bills. By default, the Fed has resorted to a radical, uncharted spree of money printing. But the flood of liquidity, instead of spurring banks to lend and corporations to spend, has stayed trapped in the canyons of Wall Street, where it is inflating yet another unsustainable bubble.

When it bursts, there will be no new round of bailouts like the ones the banks got in 2008. Instead, America will descend into an era of zero-sum austerity and virulent political conflict, extinguishing even today’s feeble remnants of economic growth.

Click here to read the entire column.