This was written by Karl Denninger. www.Market-Ticker.org.
Politicans in the developed world need to find the political will to have the following honest conversation with their citizens:
All government deficit spending does is devalue everyone’s standard of living. That is why our standard of living is going down, why real inflation-adjusted household income is declining and why “printing” or “devaluing” or other similar machinations have always and must always fail.
Government deficit spending is in fact nothing other than a tax dishonestly applied across the entire economy — that is, across everyone, rich and poor — that damages the actual available purchasing power of the people.”