Debt is a cancer…
Do these policies sound familiar?
“[Chile] dramatically increased social spending to redistribute wealth to the poor….adopted an expansive monetary policy that initially produced economic growth, but also fueled a rise in inflation.”
“Peru embarked on a program of increased public spending in the 1980s without a plan for dealing with the resulting debt. Investment dried up as liberalized trade policies slowed growth and inflation started to rise.”
“[Zimbabwe] As government spending escalated, wage and price controls were implemented that produced massive budget deficits.”
“[Argentina] Rather than reduce spending or institute temporary borrowing to cover the shortfall, the government resorted to printing money. [GDP declined, and money supply continued to expand.]”
“This pressured the German government to print money to pay salaries and the war debt, and hyperinflation set in.”