There’s a ‘Chilling’ Economic Report Making the Rounds Among Top Execs — And Wait Until You See What It Says About Gov’t Programs

“ . . . The biggest [Ponzi scheme] … is still ongoing: the Ponzi scheme of the developed economies,” the report says near the beginning. “It is not simply that the developed world has borrowed significantly from future wealth to fund today’s consumption, leading to huge burdens for the next generation. It has also reduced the potential for future economic growth, making it more difficult for the next generation to deal with this legacy . . .”

1. “The West was not going to find its way to the right economic path with a little tweaking at the edges, the CEO said. What is needed is a wholesale overhaul of the economic system to tackle record levels of public and private debt.” — from Business Insider

2. A summary of the report’s findings:Mr Stelter and his colleagues do offer some solutions. First, there has to be an acknowledgement that some debts will never be repaid and should be restructured. Holders of the debt, be they countries or companies, should be allowed to default, whatever the short-term pain of such a process.

In social policy, retirement ages will have to increase. People will have to work harder, for longer and should be encouraged to do so by changes in benefit levels that do little – at their present level – to reward work at the margin.

The size of the state should be radically reduced and immigration encouraged. Competition in labour markets through supply-side reforms should be pursued.

Read full story HERE.