Feckless Dilapidation of the Heritage built by our Forebears

Why ought an American - or a Briton, for that matter - earn 10 times as much as a Chinese labourer? Does he work that much harder? Is he so much smarter? Does he have some unseen virtue blessed by the gods with extra spending power?

He earns more only because his parents and grandparents and great grandparents worked hard...saved their money...built machines and factories...accumulated wealth and know-how...and avoided blowing themselves up in wars, hyper- inflation, revolution, and socialist delusions.

But now he squanders his savings...mortgages his children's future...and willingly participates in extravagant mass hallucinations (we will borrow and spend until we all get rich...together, the US and Britain will build an American-style democracy in ancient Nineveh...while our kind friends the Chinese will pay our bills)...Ought such a man prosper?

The Daily Reckoning
Paris, France
8 January 2004