The state's power to destroy is greater than the private sectors ability to create

World stock markets have bounced back with the total capitalization of all publicly traded companies in the world exceeding $60 Trillion.  Great news.

The bad news.  The United States' unfunded liabilities from past social programs and net debt is roughly double the value of all publicly traded corporations in the world.  In other words all the innovation creativity wealth creation every thing than Walmart and Google and Sony and Michelin have done to create value is dwarfed by the drunken profligacy of one nation's government.   And the US is no where near the worst offender.

I am continually amazed at my friends who look upon the state, particularly our Federal Government as a benign force for good.  It is the destroyer.  A terrifying force that must be tamed if we are to live free.

Homer nod:  $49 Trillion is the value of all publicly traded companies in the world, not $60 Trillion.