How could this Happen to America? : How is it that Democracies Fail?

A Democracy cannot exist as a permanent form of government. It can only last until the citizens discover they can vote themselves largesse out of the public treasury. After that, the majority always votes for the candidate promising the most benefits from the public treasury with the result that the Democracy always collapses over a loose fiscal policy, to be followed by a dictatorship, and then a monarchy
— Tytler (unconfirmed)

Does the quote above, even as overused as it is, ring any bells?

Many, many, many people before have used and misused this quote to represent the current times they were in. How many saw the real risk of both hyper-inflation and depression happening in their own life-times? Further, how many thought that a serious candidate for the President of the United States of America could ever embody the “candidate” in these words?

Let’s check off the warnings, shall we?

“…the citizens discover they can vote themselves largesse out of the public treasury…”
Check

“…the majority always votes for the candidate promising the most benefits from the public treasury …”
Check

“…Democracy always collapses over a loose fiscal policy…”
The “check” is in the mail…

For those people who think I may be a little (or a lot) nutty about this, please answer me this one question. What do you think happens to an economy that does not back its currency on tangible assets, like gold, and is based soley on “the full faith and credit” of the government; when the government does nothing but borrow more money, print more money, and promise more money?

Or better yet, do you honestly believe in a monetary system that is a caracture of “Whimpy” from the old Popeye cartoons who promises “I’ll glady pay you Tuesday for a hamburger today”?

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