The political class is going to give that to them."įreedomFest 2022 U.S. They want something akin to what they got during COVID, and they've come to expect it. He said, "austerity measures have worked, but what is the political incentive? When everybody's crying about gas prices, they want some form of stimulus. citizens have come to expect handouts when the economy goes awry, meaning that the U.S. He likened economic policy to " your hand into the Amazon rainforest or The Great Barrier Reef, and run those complex systems… you cannot run, fix, or design a complex system." "It could be a sizeable enough subset to make matters very dire for us all."īorders is skeptical of the ability of fiscal and monetary policy to solve problems, saying that the economy is a complex ecosystem. "That is the sort of thing that I worry about, and it doesn't have to be the entire population," he explained. Referring to recent events in Sri Lanka, in which food and fuel shortages led to civil unrest, Borders said that he foresees a similar fate for the U.S.A. "The one thing that I see that portends an awful state of affairs is that the greatest economic power in the world's debt stands at of GDP." "I am more and more, every day, starting to admire the preppers," he told Makori at the FreedomFest 2022 conference in Las Vegas. He said that preppers, people who prepare for extreme collapse by stockpiling food, guns, and other essential supplies, are admirable. economy could experience a total "collapse," due to its unsustainable debt levels.
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Speaking with Michelle Makori, Anchor and Producer at Kitco News, he said the U.S. Max Borders, Executive Director of Social Evolution, is worried about more than.
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Research by economists Ken Rogoff and Carmen Reinhart suggests that a debt-to-GDP ratio in excess of 90 percent causes slower economic growth and may trigger a public debt crisis.