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Steve Moore, The Wall Street Journal:
Washington created this crisis!
We can move towards capitalism or socialism. … Lefties want to socialize this economy. …
Liberals love jobs but they hate employers.
We’re redefining welfare benefits as tax cuts. …
You can not create jobs by taxing small business! …
No more bailouts!
What harms prosperity: higher taxes, moving away from free trade, corrupting our money, and out-of-control government spending.
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Welfare as the new “tax cut.” The American Dream is dying. Keep up the blog!
Steve Moore is correct about a lot of things including the need for real tax cuts, free trade, and reduced spending, but he and his monetarist-school CATO buddies are wrong in their support for the fiat monetary system, fractional-reserve banking, and attempts to prop up its meltdown.
Here one can see Steve supporting the so-called “bailout” of the banksters: http://www.truveo.com/Supporting-the-Bailout-Plan/id/3806062189
Steves’ reasoning is that taxpayers must be made to subsidize an industry to avoid a meltdown. How convenient that he now says “no more bailouts” after massive amounts of taxpayer money and power has been transferred to the Treasury/executive branch and corrupt bankers.
Mises taught “there is no way to avoid the collapse of a boom brought on 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 total catastrophe of the currency involved”. It seems clear enough to me which route will be chosen. That would be the politically expedient inflation/regulation route. More credit expansion (ie inflation) and more regulation won’t solve the problem, but will instead wreck the economy and most likely collapse the currency.
Central banking and fiat-money is the root of many of the republics’ problems. Without those two there would be no deficits or public debt. Spending would have to be balanced by tax revenues and the public wouldn’t put up with the amount of taxation required to spend like they do. Wars would also be less frequent and shorter in duration given that the government couldn’t print the money to continue the war. In short, the government would not be nearly the intrusive leviathan it is today
Jefferson was right: “The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their Property until their Children will wake up homeless on the continent their Fathers conquered.”
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