“We were fed the biggest lie in economic history. Even now, many people believe it. More profoundly, the fake prosperity of 2020–2021 instilled a widespread public cynicism. It seemed for a time like the whole system is a racket. There are no limits to what Congress can spend and what the Federal Reserve can print. Money is just paper and there is an infinite supply. Why not go whole hog and spread it as far and wide as prosperity? Who needs work? Who needs savings? Who needs investment?
“The devil himself couldn’t have constructed a better game to shatter all normal senses of reality, befuddle the population, and devastate the settled values of countless generations. The great head fake of 2020 took away our intuitive sense of cause and effect in the economic, social, and cultural realms. The whole system today has the feel of scammery, because that’s what it is.
“The great economist Frédéric Bastiat in the 19th century emphasized that the real costs of policy-inspired destruction aren’t what you see but what you don’t see. It’s the investment that did not take place, the income we did not make, the savings we otherwise would have socked away but did not, the technologies that might have come into being, the jobs that would otherwise have been created, the art and music that never saw the light of day, the progress that would have defined our times that we never saw.”
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