The Fatal Flaw That Has Doomed Our Economy——-Bad Money

Lenoir-Engine-768x488

1859: Frenchman Etienne Lenoir builds a  double-acting, spark-ignition engine that can be operated continuously. The internal combustion engine is born.

“Let’s begin with a question. After the invention of the internal combustion engine, people in Europe… and then the Americas… got richer, almost every year. Earnings rose. Wealth increased. Then in the 1970s, after two centuries, American men ceased making progress.

Despite more PhDs than ever… more scientists… more engineers… more capital… more knowledge… more Nobel Prizes… more college graduates… more machines… more factories… more patents… and the invention of the Internet… after adjusting for inflation, the typical American man earned no more in 2015 than he had 40 years before.

Why? What went wrong?”

Read More at David Stockman’s Contra Corner.

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