To paraphrase Aristotle: “democracy fails when the needy and greedy vote privileges for themselves”, brokered by dishonest, unscrupulous politicians and funded by the productive, overtaxed minority. This malaise of decadence will not resolve itself: the many recipients of State largesse will not vote away their unearned privileges. Economic collapse will follow, and is the usual catalyst for recovery (e.g. Argentina). The only other possibility is revolution; not by the still-dissatisfied underclass but by overburdened taxpayers. The State will shrink only when its extorted supply of money is cut off.
Blimey O'Reilly - I've read a bit of Dan Mitchell and his theorem about a society which can vote for some of Peter's income being used to pay Paul will always attract the vote of Paul. The theorem is that such a civilisation will fall. I didn't know that Aristotle effectively said it almost a pony ton years earlier.
Yes, Aristotle conceived three basic forms of government: by One, by a Few, and by the Many; there were two variations on each, the first being for the common good and the second for the rulers’ good. So there is Rule by One as Monarchy vs Tyranny, by the Few as Aristocracy vs Oligarchy and by the Many as Polity vs Democracy. We all now talk of democracy as the best form of government, but Aristotle considered it inferior because of its potential for corruption.
Thank you for an interesting viewpoint. However, I think these three quotes get to the heart of the matter:
"We all know what to do, but we don't know how to get re-elected once we have done it." - Jean-Claude Juncker.
“When I'm out of politics I'm going to run a business, it'll be called rent-a-spine!” - Margaret Thatcher
"Courage is rightly esteemed the first of human qualities, because, as has been said, it is the quality which guarantees all others" - Winston Churchill,
The national debt will never be “solved”, because the Treasury will always direct the BoE to print more counterfeit money, AKA “monetizing the debt”. The purchasing power of the currency will continue to fall until…what?…probably worthlessness.
To paraphrase Aristotle: “democracy fails when the needy and greedy vote privileges for themselves”, brokered by dishonest, unscrupulous politicians and funded by the productive, overtaxed minority. This malaise of decadence will not resolve itself: the many recipients of State largesse will not vote away their unearned privileges. Economic collapse will follow, and is the usual catalyst for recovery (e.g. Argentina). The only other possibility is revolution; not by the still-dissatisfied underclass but by overburdened taxpayers. The State will shrink only when its extorted supply of money is cut off.
Blimey O'Reilly - I've read a bit of Dan Mitchell and his theorem about a society which can vote for some of Peter's income being used to pay Paul will always attract the vote of Paul. The theorem is that such a civilisation will fall. I didn't know that Aristotle effectively said it almost a pony ton years earlier.
Yes, Aristotle conceived three basic forms of government: by One, by a Few, and by the Many; there were two variations on each, the first being for the common good and the second for the rulers’ good. So there is Rule by One as Monarchy vs Tyranny, by the Few as Aristocracy vs Oligarchy and by the Many as Polity vs Democracy. We all now talk of democracy as the best form of government, but Aristotle considered it inferior because of its potential for corruption.
Yes nicely put - I think Adam Smith and Bastiat would agree
Thank you David
Thank you for an interesting viewpoint. However, I think these three quotes get to the heart of the matter:
"We all know what to do, but we don't know how to get re-elected once we have done it." - Jean-Claude Juncker.
“When I'm out of politics I'm going to run a business, it'll be called rent-a-spine!” - Margaret Thatcher
"Courage is rightly esteemed the first of human qualities, because, as has been said, it is the quality which guarantees all others" - Winston Churchill,
Thank you Ian
Speaking of literature
The national debt will never be “solved”, because the Treasury will always direct the BoE to print more counterfeit money, AKA “monetizing the debt”. The purchasing power of the currency will continue to fall until…what?…probably worthlessness.