Thursday, January 31, 2008

Ludwig von Mises on Bush's Fiscal Policy

Rumor has it Bush crudely ordered Bernanke to lower interest rates ("Some people call it cussin'. In Texas, we call it talkin'.") last week.

About a hundred years ago, Ludwig von Mises anticipated this:

No emergency can justify a return to inflation. Inflation can provide neither the weapons a nation needs to defend its independence nor the capital goods required for any project. It does not cure unsatisfactory conditions. It merely helps the rulers whose policies brought about the catastrophe to exculpate themselves.
From The Big Picture.

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