Deficit spending is simply a scheme for the hidden confiscation of wealth.
One has to realize that most slumps are caused in the first place by two problems. First the government long ago intervened in the economy to create a financial system (the so-called fractional reserve system) which is inherently unstable. It then compounds the problem by creating far too much money, which enters the economy as debt, and which leads first to economic bubble and then to bust.
Capitalism is the greatest economic system yet devised. It creates prosperity for the most people, and opportunity for everybody.
America is a country, not a spreadsheet. A country puts the needs of its own citizens first.
It is not a breakthrough on the frontiers of knowledge that minimum-wage laws reduce employment opportunities for the young and the unskilled of any age. It has been happening around the world, for generation after generation, and in the most diverse countries.
We are thus in the position of having to borrow from Europe to defend Europe, of having to borrow from China and Japan to defend Chinese and Japanese access to Gulf oil, and of having to borrow from Arab emirs, sultans and monarchs to make Iraq safe for democracy. We borrow from the nations we defend so that we may continue to defend them. To question this is an unpardonable heresy called ‘isolationism.’
It’s disturbing that our current crop of elected officials spend so much time assuring us that free lunches not only exist, but now they are cheaper than ever.
Not understanding the process of a spontaneously-ordered economy goes hand-in-hand with not understanding the creation of resources and wealth.
There has not been one instance in history where active monetary management has advanced an economy.
There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final or total catastrophe of the currency system involved.