By David Galland in Casey’s Daily Dispatch:

…to the extent that [the White House’s middle class initiatives] allow people to keep more of their hard-earned money, I salute them. But, of course, appeasing the middle class will require greater levels of deficit spending and an increase in taxes on companies or people that are above the $85,000 threshold.

Which is to say that this is just so much more politically motivated deck chair rearranging on the Titanic. Quoting one of my favorite economists of all times…

“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” Ludwig von Mises

The system needs a reset, and it’s going to get one – no matter what the masters of the universe would like you to believe.

Crux Note: Each day in Casey's Daily Dispatch, David Galland brings you an informative and entertaining overview of the markets, the economy, and politics... all from his unique and often contrarian perspective. Casey's Daily Dispatch is absolutely FREE and comes right to your inbox, five times a week. To sign up, click here...

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