IN A NUTSHELL

Janet Daley of the London Telegraph captured the essence of our predicament with such precision that I'm moved to just reprint a paragraph from her latest column.

The proportion of GDP which is now being spent by the governments of what used to be called the “free world” vastly exceeds what it is possible to raise through taxation without destroying any possibility of creating wealth, and therefore requires either an intolerable degree of national debt or the endless printing of progressively more meaningless money – or both.