For centuries, entrepreneurial talents in China were diverted to military wars, political struggles, and government services. But now things are changing.
The fact that politicians, central bankers, and “too big to fail” bankers all oppose a gold standard is a tacit admission that hard money would serve as an effective constraint on their activities.
There is no other means to attain full employment, rising real wage rates and a high standard of living for the common man than private initiative and free enterprise.
After quoting H.L. Mencken’s famous quip, “Nobody ever went broke underestimating the intelligence of the American people,” Andrews wonders, “I don’t know if old H.L. was a bookmaker, but he would have been a great one if he had been.”
Yes, many researchers are biased. But as Mises noted: "Reference to a thinker's bias is no substitute for a refutation of his doctrines by tenable arguments."
