If there is any single image that is proffered to validate the entire Keynesian project up until this very present day, it is the myth that the banking system had utterly failed by March 1933 and that businesses and households were suddenly left destitute and unable to even access their own cash deposits.
In 1928 there was not a shred of evidence that free market capitalism needed a hyper-active Fiscal and Monetary Nanny in Washington to stay on the straight and narrow of steady growth and rising prosperity.
Carter Glass’ benign bankers’ bank was transformed into a menace by Woodrow Wilson’s war budgets, and his insistence that his misbegotten crusade to “make the world safe for democracy” be financed mainly with debt, not taxes on the voters.
Approximately 50 years ago Richard Nixon said something to the effect that “we are all Keynesians now”.
Conservative folks need to wake up. Today’s great threat to capitalist prosperity, personal liberty and constitutional government as we have known it is not Marxism, socialism or any other variant of traditional left-wing ideology.
A lot of things have happened in the past year, but an economic boom warranting a 38% rise in the Russell 2000 is surely not one of them. Yet here we are with the RUT up 2%, today, 15% year-to-date and the aforementioned 38% since February 18, 2020, at which time no one even remotely …
Today, especially, the “idiots at work” sign should be flying high over Capitol Hill.
Well, that was easy. After the most devastating economic collapse last year since the early 1930s, inflation-adjusted retail sales in January came in 6.0% above their January 2020 pre-Covid level.
In 1910 a distraught New York Giants sportswriter famously penned what became known as Baseball’s Sad Lexicon. When the Giants’ pennant hopes that year were vanquished by a double-play performed by the Cubs famed infield trio, Franklin Pierce Adams lamented,
If you don’t think Washington is heading for a UBI precursor (universal basic income), just consider a $150,000 per year married couple with two kids under seven years of age.