Demand is constituted by supply; according to Say’s Law, supply <strong>is</strong> demand. If you want to get to the essence of Say’s Law you must never think in terms of aggregate demand and aggregate supply. If you want to defeat Keynesian economics, you need to wage war on the very notion of aggregate demand. Nothing else will do.
The indigent
segment of society, those who receive social welfare aid from the state, are not necessarily foremost among the parasites of the political means. Rather, in the statist economy of theft and wealth
redistribution, it is the elite — powerful, entrenched commercial players — who most benefit.
Lincoln's inversion of the original American conception of self-government must itself be inverted.
The signs of an incipient asset bubble, induced by the Fed become more evident every day.
If the economy improves, the banking sector will increasingly loan out its reserves and bring inflationary pressure to prices. If the economy does not
improve, the Fed will not be able to unload the low-quality assets on its balance sheet, and thus the inflationary pressures will remain. The so-called
win-win solution to the crisis has become a lose-lose scenario.
If sanctity of contracts should rule in the world of private debt, shouldn’t they be equally as sacrosanct in public debt? The answer is no.
The only way out of this impasse is to abolish the state’s monopoly on the production of law and law enforcement.
The people of Kansas are better than the people of Freedonia, both at producing toothpaste <em>and</em> zebras. What to do?
Paul Krugman in 2002: "Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."
The ultimate responsibility for the poker boom lay with the Federal Reserve.
