Doug Casey via Market Oracle: You think Europe is in a similar death spiral now?
Doug: Yes. Those governments are all bankrupt. But much more serious than financial bankruptcy is their total moral and intellectual bankruptcy. At this point the Europeans are so craven and degraded they deserve to be indentured servants of the Chinese, which they will be.
We're heading toward a time like in the book, Atlas Shrugged, when the productive people in society are just going to stop producing. Why should anyone work hard to create value when a substantial portion of that value will get diverted into fighting off regulators and other government goons, only to have half of what you do make seized to pay for those very same thugs?
Are you telling all the Atlases out there that it's time to shrug?
Doug: I think so, on a moral basis. I'm sick and tired of supporting my oppressors. It makes me feel like dissipating my capital on high living, simply because that will deny it to the state.
