While the 1979 default was relatively small, the 1934 default affected millions of Americans who had bought Liberty Bonds mistakenly thinking the government would make good on its promises.
Anticapitalist politicians claim intervention can "level the playing field," but when we look closely, we realize that government itself creates the imbalances.
Contrary to the claim that taxpayer subsidies for higher education provide great social benefits, these subsidies actually are a wealth transfer from the less-well-off to wealthy people.
As Murray Rothbard wrote, inflation is not an increase in prices. It is, instead, an increase in the supply of money in circulation. The distinction is important.
Americans spend billions of dollars on treating heart disease. Prevention is cheaper, but thanks to perverse government incentives, preventing heart disease takes a backseat to medical spending.
Australia is famous for its laid-back culture and for being founded by convicts from Great Britain. It also should be famous for its embrace of entrepreneurship.
