By James Turk on Kitco.com:

Socialism has come to mean many different things to many people, but regardless how it is defined, in the months immediately ahead it will be put to a rigorous test. The test will be visible to everyone as countries around the globe run out of money and confront overwhelming debts that cannot be repaid as well as other wide-ranging financial promises that can no longer be met. In short, the ideological bankruptcy of socialism will be laid bare by government insolvency.

It had to come sooner or later. The reasons are not hard to understand.

The ideological bankruptcy is neatly captured by British author and advocate for individual rights, Cecil Palmer: “Socialism is workable only in heaven where it isn’t needed, and in hell where they’ve got it”.

And government insolvency is explained by famed economist Frederic Bastiat, who made this levelheaded observation nearly 150 years ago about the nascent modern socialism then emerging. “The State is that great fiction by which everyone tries to live at the expense of everyone else.”

More recently, Margaret Thatcher…

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