...U.S. GDP growth rates are only half of those of the last century. And household incomes, after you factor in inflation, are flat. In fact, by some calculations -- using non-fiddled measures of inflation -- growth has been negative for the whole 21st century. Meanwhile, there are more people tending bar or waiting tables... and fewer people with full-time breadwinner jobs. And productivity and personal savings rates have collapsed... What went wrong?

... First, we no longer have real money. We have been operating with the feds' fake dollars since 1971, when President Nixon finally took the U.S. off the gold standard. These fake dollars have no connection to time. They are unlimited in supply, unrestrained by available resources, and unhinged from the real world.

... The federal government is now looking at average deficits of $1 trillion a year over the next 10 years -- which would have been impossible to fund with real money.

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