The Trump administration’s crusade to crush campus criticism took another wallop on Friday in a California courtroom. Federal judge Noël Wise ruled that the Trump administration’s “ideological-deportation policy” brazenly violated the U.S. Constitution.
It is generally held that bank credit is a major driver of economic growth. Hence, it would appear that, through an increase in the supply of credit, banks could strengthen the process of wealth generation. Without previous private savings, however, banks cannot simply extend credit. On the other hand, banks can expand credit out of “thin air” via inflation. This type of credit damages the wealth-generating process.
Though Herbert Hoover was a pioneer among presidents in getting the government to “do something” about a depression, he was no maverick. He had the support of distinguished court economists who promoted the idea that stable prices were the key to lasting prosperity.
The old debate between socialism and capitalism is back.
The federal government has discovered another menace to the republic: the vacuum cleaner.
Liberty’s history is often presented as a direct consequence of the Enlightenment: inherited authority was subjected to reason, persecution gave way to toleration, monarchy to constitutional government, and privilege to individual rights. In this account, classical liberalism leads naturally to Austrian economics and modern libertarianism. That sequence is useful but incomplete.
