Some thoughts on the epic failure known as obama, his regime, and his core beliefs.
The increased dependence of the individual upon government which inflation produces and the demand for move government action to which this leads may for the socialist be an argument in its favor. Those who wish to preserve freedom should recognize, however, that inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary. For this reason, all those who wish to stop the drift toward increasing government control should concentrate their efforts on monetary policy. There is perhaps nothing more disheartening than the fact that there are still so many intelligent and informed people who in most other respects will defend freedom and yet are induced by the immediate benefits of an expansionist policy to support what, in the long run, must destroy the foundations of a free society.
- Paul Krugman Asks a Question: On the “Austrian” Hatred of Fractional Reserve Banking, Paper Money, etc. Weblogging (delong.typepad.com)
- Paul Ryan and Hayek vs Rand (ftalphaville.ft.com)