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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (2846)	12/3/2003 9:54:25 PM
From: I_C_Deadpeople	Read Replies (1) of 110194

This was emailed to Richard Russell and posted on his remarks tonight. Since it is an email from a subscriber I think it is OK to copy it: "A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising them the most benefits from the public treasury, with the result that a democracy always collapses over a loss of fiscal responsibility, always followed by a dictatorship. The average of the world's great civilizations before they decline has been 200 years. These nations have progressed in this sequence: From bondage to spiritual faith; from spiritual faith to great courage; from courage to liberty; from liberty to abundance; from abundance to selfishness; from selfishness to complacency; from complacency to apathy; from apathy to dependency; from dependency back again to bondage." Written by Alexander Fraser Tytler in "The Decline and Fall of the Athenian Republic" 1776.

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