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By Alexander Ineichen, founder of Ineichen Research and Management AG and author.

o "I am not worried about the deficit. It is big enough to take care of itself." -Ronald Reagan

In a world increasingly reliant on credit, the temptation to borrow for short-term gains often clouds the judgment of governments, corporations, and individuals alike. Yet, history reminds us that while borrowing may seem to offer security in the present, its long-term consequences can be devastating. Many countries have found themselves enslaved by the very debts they took on, losing economic freedom and political autonomy in the process. The old phrase "you cannot establish security on borrowed money" still carries profound economic and philosophical significance, underscored by the works of Friedrich Hayek, George Orwell, and modern economists like Carmen Reinhart and Kenneth Rogoff.

o "There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt." -John Adams (1735-1826), Founding Father and second US President

Throughout history, nations have borrowed to finance wars, social programs, and infrastructure projects, often with the best intentions. This is for example what Europe did:

o "Now, in Europe 20 years ago, Europe had a simple choice. It was facing this. And the simple choice was do we cut back our entitlement spending, or do we sacrifice our armies? And......................

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