Three Seasons of the Apocalypse

In the spring, a country borrows money in order to produce goods. In the summer, it borrows in order to consume, with the hopes of paying it off one day through capital gains. In the autumn, the country borrows money in order to pay unemployment insurance and entitlements. In the winter, the country dies.  


In other news, Eric King's latest podcast interview with James Rickards is not to be missed. They discuss reports that the army is practicing war games based on hyperinflation (!), Zoellick and the gold standard, and much more.