The whole system is an exercise in bad economics. The American people are spoiled. They don't want to postpone gratification. They want high wages, plenty of luxuries, entertainment, vacations, riches, capital gains and fun. When you take something away from someone it stirs them to rage.
Nothing makes a person angrier than a reduction in pay or privilege.
A lot of angry people blaming everyone but themselves and a host of left-wing politicians preaching redistribution spell the kind of policies that erode freedom, foster capital destruction and make bad economic policies permanent. A depression is one thing, but if we continue to make the same mistakes it could be the dark ages. Make no mistake about it, this is the most dangerous period for American prosperity since the Civil War. Already the Russians have been talking about a gold-backed currency and Poland has been buying gold. A gold-based monetary system would not have allowed the U.S. to become a debtor nation.