Interventionism

Bernanke's policy gun is out of bullets. His policies have brought low growth, high unemployment, and a 7.2 percent increase in producer prices over the last 12 months. Attempts at stabilization have instead wrought chaos.

The Fed's entire policy program suffers from the same defect that all market interventions suffer from. The moment you stop intervening, the underlying problems come to the surface again. Administrative price setting does not change economic reality, at least not for the better.

Texans are suffering terribly. Some pray for rain. Some curse Mother Nature. They should be cursing the government and praying for freedom from the environmental bureaucrats who have caused this shortage of water. Murray Rothbard predicted this in 1993.

Pundits today decry the decline in the number of moderate lawmakers. They call for compromise and label any attachment to the principle of self-ownership "extremism." In 1830, Frédéric Bastiat offered a dead-on discussion of the same problem in France.

Expat Americans and children will be caught in the indiscriminate steel net that the IRS wants to throw around the globe.

As far as we know, Ponzi never threatened anybody.

They want us to stop worrying and love the state.
 

Presented to the Young Americans for Liberty. Hosted at the Mises Institute in Auburn, Alabama, on 13 September 2011.