Thank you for stopping by for a visit. You are invited to read and comment on anything posted on this blog. I advocate the maximum amount of Personal and Economic Liberty, consistent with the defense of individual rights. I am fiscally conservative yet socially tolerant, I favor lower taxes, free trade, individual rights, strong national defense and limited government. I subscribe to the Freedom Fighters Creed: I am an American Patriot, defender of the Constitution, First Principles and Essential Liberty.

I believe that buried deep down inside every Conservative you'll find a Libertarian - And Inside Every Liberal Is A Totalitarian Screaming To Get Out.

"One of the penalties of refusing to participate in politics is that you end up being governed by your inferiors" - Plato

FYI any crude or vulgar comments will be removed from the blog.

Saturday, December 8, 2012

The 1930s All Over Again?

Then, as today, societies were uncertain about which model of society to strive for and how to repair monetary systems. Societies bet on the wrong ideas; we may be committing similar mistakes now.
Many people draw parallels between today and the 1930s, labeling this the Great Recession. They note the high unemployment rate, referring not to the mismeasured, official statistic, but to the number more than double that rate, which also accounts for those who dropped out from the labor force and are no longer counted as “unemployed.” Others worry about the deflationary risk, the dollar devaluation, and the status of the U.S. dollar as reserve currency. Still others worry that the “vital few” — those with high scientific aptitudes and entrepreneurial drive — no longer come to or stay in the United States, but stay in or go back to the many countries whose Iron Curtains have been punctured since 1989.
Yet the most worrying parallel with the 1930s is one that is not discussed. Then, as today, societies were uncertain about the model of society they should strive for and about how to repair domestic and international monetary systems after wildly varying expansions of credit during and after World War I in the different countries. In addressing these two questions, societies ended up betting on the wrong ideas, which had long-term, disastrous consequences. We may be committing similar mistakes now.  CONTINUE READING 

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