The worst moments in life are heralded by small observations. The tiny lump on your side that wasn’t there before. Coming home to your wife and seeing two wineglasses in the sink. Anytime you hear “We interrupt this program…

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It’s all part of the life-cycle of an economy. First it’s lawless capitalism until that starts to impede growth. Next comes regulation, law enforcement, and taxes. After that: public benefits and entitlements. Then, finally, overexpenditure and collapse.

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