The free market doesn't pump up the money supply and push interest rates down to levels that promote unsustainable bubbles. The free market punishes reckless risk takers, while it is government that bails them out (and thereby encourages them to take greater risks in the future).
Conscription was an unjust, capricious, and immoral disaster then. We don't have any reason to think things will be different now.
Genuine market economies — meaning those that maximize the long-term benefits to consumers and producers — thrive when state power is minimized. With this in mind, abolishing the FAA and firing its bureaucrats who hinder the market order would constitute a step in the right direction.
This comprehensive list of the Fed's functions gives the lie to the notion that there has been "too little regulation" of financial markets. Anyone who makes such an argument is either ignorant of the truth or is lying.
If anything, all the rescue packages and all the massive pumping by the Fed has made things much worse as far as the underlying economic bottom line is concerned.
"This plan would also set a dangerous precedent for American industry in general."
Private enterprise could have handled production of military goods better than controls actually did.
"Costs of production do not determine prices of goods. Prices of goods determine costs of production."
"It is no coincidence that Mankiw's worldview leads him to literally propose destroying the currency in order to fix the economy."
Nothing is easier than to think of things that would require the performance of virtually unlimited labor in order to accomplish virtually zero result. Such is the nature of all job-creation programs.
