Mises was correct about the inherent irrationality of the socialist state but did not extend his critique to the irrational essence of the state itself.
Eric Englund
Eric Englund has an MBA from Boise State University and is a surety bond underwriter. He lives in the state of Oregon. He is the publisher of The Hyperinflation Survival Guide by Dr. Gerald Swanson. Send him mail.
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Fannie Mae, an engine of the current housing mess, is one of the U.S. government's most ill-fated welfare creations. From the outset there were plans to swell Fannie's waistline by expanding her purchasing authority. At about the time the American soldiers were coming home from WWII, Fannie was enabled to purchase loans guaranteed by the Veterans Administration, in addition to the Federal Housing Administration-insured mortgages it was already purchasing. This creation and expansion of a secondary market for mortgages was a vital boost to the supply of lendable money in the United States.
Karen De Coster and Eric Englund explain the devastating cultural effects of fiat money and central banking.