With the renaissance of Keynesian economics we can only conclude that the preconditions for a new super cycle have been established, and that if the policies are not reversed we face many years of depressed economic conditions.
Is there any reason a reader should place any more confidence in the work of an historian than in the work of an historical novelist? The answer is that everything depends on what historian we're talking about, what novelist we're talking about, and what kind of historical fiction we're talking about.
So long as Obama continues to expand the state in the domestic area — inflating, taxing, regulating, nationalizing — they will put up with abuses of the human rights that they claim to champion.
Obama's actions have already laid the foundation for a gigantic bubble and a further weakening of economic fundamentals.
"The work of remaking [the world] will be long and hard, and will require some sacrifice."
– Barack Obama
"The Austrian theory is not a theory of recessions per se; it is a theory of the unsustainable boom."
Fortunately, Austrian economists have shown that every product and service can be offered privately, without the use of monopoly force through government.
A final insult is how US tax law treats its emigrants from this country. It continues to tax them as if they were lifetime slaves.
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.
