Feb 28 2006
Cycle of Democracy: From Riches to Fiscal Ruin
- “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves money from the public treasure. From that moment on the majority always votes for the candidates promising the most money from the public treasury, with the result that a democracy always collapses over loose fiscal policy followed by a dictatorship. The average age of the world’s great civilizations has been two hundred years. These nations have progressed through the following 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 to bondage.”
– Attributed to Alexander Fraser Tytler
Perhaps this wisdom is why the U.S. was intended to be a liberty-based republic, and not — by design — an outright democracy. You will not find the word “democracy” in the U.S. Constitution or in its Declaration of Independence, and when it is discussed by the founding fathers, democracy is mentioned only in the most disparaging terms.
Yet, in the past 75 years, the U.S. system is ever more responsive to the direct whims of the body politic, having placed populist idealism far ahead of boring, old liberty. Consequently, politicians now colectivize ever more individual rights and wealth however they see fit; To the highest bidders or most organized voting block go the spoils.
Today, voters clamor for more and more, and the U.S. is a mere shadow of the bastion of liberty it once was.
The results? You be the judge:
We are reminded of Churchill’s comment on democracy: “The best argument against democracy is a five-minute conversation with the average voter.” That may be harsh, but what does the average voter know about economics, or for that matter, history? That said, the reckless indifference reflected in the two previous graphs’ only validates Sir Winston’s point.
In lieu of that dismal reality, its up to you to Remain Vigilant! After all, the body politic does not appear to care!
Note: Some have question this quote’s authenticity, relative to Tytler. But we think that misses the point: The quote stands on its own.
