Another good job, gentlemen. It’s nice to hear a reasoned critique of "the Philip’s Curve guys," and that the Fed is losing (already lost?) its ability to implement the monetary policy. The two are related in the "liquidity trap" and the Aggregate Demand Curve swinging to vertical. Which simply means, worse is to come for the American economy, pessimism or not.
It’s also good to hear the Hayekian argument against the possibility of any government "knowing enough" to make market decisions. However, since Mr. Greenspan has turned tail in public testimony, I really doubt if anyone in America is going to begin to read Hayek, even though his thinking is precisely what is needed in times like these.
BTW - as in Hayek, remember when he wrote that the reason he was not a conservative was that conservatives fail to look forward and fail to have original ideas? In that sense, aren’t ALL of the best ideas of conservatives actually ideas from libertarian philosophy, adopted by conservative ideology to win elections? |
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Written By:
a Duoist
URL:
http://www.duoism.org
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Dale: I had a passing thought on listening this week;
Near the end, you make the point that FDR was able to get us out of the depression only by means of turning the entire country, essentially, over to war production.
You’re quite correct, of course. Then, though, you make the statement "We don’t have Nazis today". That got me to thinking; Don’t we?
The implications here are fairly obvious, I think. I don’t have to spell them out, though I will add Obama is now making noises that he’s not going to be closing Guantanimo anytime soon, and he’s making altogether different nosies about our military involvements against AQ than he was during the election.
I’m not suggesting he’s planning in that direction, but I suggest he will be sliding that way, being driven by events. |
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Written By:
Bithead
URL:
http://bitsblog.florack.us
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Then, though, you make the statement "We don’t have Nazis today". That got me to thinking; Don’t we? No. We don’t. WWII required marshalling nearly the totality of the county’s resources to go to war against two major industrial powers.
There is no non-state actor—or, really, state actor—whose defeat would require that level of effort.
On a per-capita basis, a similar military buildup would require putting 25 million people in uniform. |
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Written By:
Dale Franks
URL:
http://www.qando.net
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I guess I’m also thinking of the Rahm Emmanuel ’never waste a crisis’ mentality Bruce mentions. Not so much with military manpower, as with money and civilian control, ala TSA, etc.
Follow? |
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Written By:
Bithead
URL:
http://bitsblog.florack.us
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