We have rejected the enrichments of a healthy capitalism in favor of an impoverishing government-run fascism. We have resurrected another great depression — and made America the crisis leader of the world, instead of, what it once was, the beacon for world prosperity.
As the late 20th century's disastrous experiments with totalitarianism and interventionism showed, Mises's criticisms have most certainly stood the test of time.
The mathematical method must be rejected not only on account of its barrenness. It is an entirely vicious method, starting from false assumptions and leading to fallacious inferences."
As it turns out, Krugman's apologists shouldn't demand more context for his notorious quotes, since it only shines even more light on how confused and backward he is as an economist.
The Keynesians have no leg to stand on.
Llosa takes a critical look at the cultural and political institutions that have stood in the way of liberal reforms or distorted reforms for private gain.
The community of soft-currency countries is not a community of economic conditions but a community of lax monetary and fiscal policies, a community of ignorance about monetary theory, of inexperience with monetary policy, and of political doctrinaire stubbornness.
In Krugman's world, prosperity is created by spending, and it does not matter who spends what on whom just as long as someone is spending.
And if we must have government, let it remain small and insignificant, spending its time cutting ribbons and bickering over nonsense like the color of street signs. Let the rest of us enjoy the freedom to pursue our own happiness.
The downturn might eventually end, but with ever more regulations imposed on the system, we might find ourselves never again living in a vibrant and prosperous society.
