A Simple Explanation

Milton Friedman brilliantly characterized the main politico-economic systems as:  

1) Spending my own money on myself (capitalist model);  

2) Spending my money on someone else (Christmas model);  

3) Spending someone else’s money on myself (rent-seeking model);  

4) Spending someone else’s money on someone else (socialism).  

He went on to say that the problem with socialism is that eventually you run out of other people’s money.

 

We're just about there...and then we default on all of our debt and the world's economy goes into a tailspin.