We’re Heading For Economic Dictatorship

by Janet Daley - November 17th, 2012 - London Telegraph

The whole of the West is falling into the economic black hole of permanent no-growth.

Forget about that dead parrot of a question – should we join the eurozone? The eurozone has officially joined us in a newly emerging international organisation: we are all now members of the Permanent No-growth Club. And the United States has just re-elected a president who seems determined to sign up too. No government in what used to be called “the free world” seems prepared to take the steps that can stop this inexorable decline. They are all busily telling their electorates that austerity is for other people (France), or that the piddling attempts they have made at it will solve the problem (Britain), or that taxing “the rich” will make it unnecessary for government to cut back its own spending (America).

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Statism is inevitable. Government "regulated" economic activity will assure that the future is even worse than the recent past. Since the entire world will no longer have the engine of the United States to fuel productivity advances that even the socialists of Europe benefitted from, everyone is about to crumble into the chaos of Greece. Riots will become the norm as government goons protest the inability to gouge enough tax dollars to fund the style of living that was previously the norm.

The famous quote from Margaret Thatcher is about to become the reality of the world. Socialism fails when you run out of other people's money. Wealth creation will cease. Redistribution of a constantly shrinking pie will be hell on earth.