(Read on Medium)
“Any corporation, private or governmental, that wishes to provide for a sound and equitable continuity of its business must take steps towards the systematic retirement of debt immediately after it has been incurred. Postponement of all payment for property or privileges by those who presently enjoy their benefits is calculated to bring uncomfortable consequences to them or those who succeed them.”
— Engineering Economics, by C.R Young. 1949
We frequently hear pundits and talking heads talking about how short-sighted government policies and unfunded entitlements are in essence “stealing from the future” or at best “borrowing from the future” and I found myself thinking about the difference between the two ideas.
[ Read on Medium ]
There is an ever-widening recognition that started some time ago that we are living through an age of transition from a unipolar world that existed after the collapse of the Soviet Union, to a new multi-polar one. This has been spoken about outside polite company for at least the past decade (I remember William Buckler, the Privateer, was already saying as much as far back as 1998-1999 when I became a subscriber, if not earlier). It was never a matter of “if” as much as “when” and what the ultimate catalyst will be.