Funding the food price fiasco

I mean, the whole economy is based on the stupid idea that the government only exists to do more and more things and give money to more and more people, which it has faithfully done for half a century, all built on the nominal gains of all that new Federal Reserve money cascading through the economy like anabolic steroids in otherwise mediocre athletes.

But now, with all these losses in every freaking thing, there will (horrors!) necessarily be a sharp reduction in profits, and thus (horrors of horrors!) a sharp reduction in taxes paid on those profits and, thus (horror of horrors of horrors!) a sharp reduction in spending and a downward spiral in the economy, as the government spending IS the economy nowadays!

In short, the lifeblood of governments is going to be choked off unless taxes are raised, which would, unfortunately, make everything even worse, all of which means there is no painless way out, and which always reminds me of the phrase "We're freaking doomed!"

The Mogambo Guru (alias Richard Daughty) is an angry economist with a flair for drama.