"This myopic focus on 'price stability' made policymakers blind to other possible pitfalls, such as the surge in credit and the rapid growth in asset prices, and the concomitant misallocation of resources led on by distorted price signals."
"The notion of self-accountability is being eliminated by so-called 'progressives' who believe it unfair to struggle."
It shouldn't come as a surprise if it eventually turns out that the real danger is, like so often in the past, inflation rather than default.
"There is no such thing as a nonspeculative investment.… In a changing economy action always involves speculation. Investments may be good or bad, but they are always speculative."
Finally, the most interesting aspect of the giant credit-card industry is the simple fact that it works.
Therefore, whether it is disproportionally hurting African-American teen workers with minimum-wage laws or further endangering already-endangered species, the state is no match for market mechanisms. It remains a slave to unforeseen consequences.
Victims of micro-level Ponzi schemes are only greedy; they don't infringe upon others' freedom. The same can't be said of those who demand that we all participate in these macro-level Ponzi schemes.
