Saturday, September 5, 2009

A Failure of Capitalism By John Browne of Europacific Capital

John Browne as you probably already know is a senior Market Strategist in Peter Schiff's Euro Pacific Capital Inc. recently he wrote an article in Goldseek radio website under the title : A Failure of Capitalism? here is a snapshot of the article :

Politicians often find scapegoats for America’s economic woes. It is rare – if ever – that they point the finger at themselves. Yet, the basic cause of the current severe economic problem lies in the machinations of government.

It is clear to even a casual observer that Congress has abused its power to tax and spend. It has taxed success to subsidize failure. It has purchased votes by enacting an unending stream of entitlement programs, financed by taxation, foreign debt and a progressive degradation of the U.S. paper dollar.

This cynical boosting of consumption at the expense of production has resulted in the American consumer now accounting for some 70 percent of United States GDP. By consuming three times what it produces, America has become the largest debtor in history. The Administration now forecasts annual deficits of trillions of dollars for the next decade. This is all the direct responsibility of Congress.

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