One of my buggaboos from a long time. As the government channel takes over the wage channel, the household system contracts to become coherent with the less variable wage settings. In other words, as elites create more and more entitlements, men form fewer households in order to cover the cost. Progressive entitlements crowd out.
The CDS are credit default costs, the inventory risk of maintaining the entitlement system. The author of this chart knows damn well what the cause and effect, but the author has to be gentle to the young minds in denial, like this one.
Mass delusions perpetuated by elites cause mass catastrophes causing sovereign default.
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