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I came across this quote in a recent investment newsletter (you can read it here). It’s worth pausing on to consider the relevance in today’s environment. Not making a political statement; I’m more optimistic than this…. just waxing philosophical… let me know what you think.
“A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy…”