Re: U.S. Deficit Soars To May Record Of $189.7 Billion
Werner
> SaPeIsMa wrote
>
> > ing
>
> The Republican way is the best way. The only way to fix the problem is for
> you to pay more taxes so the wealthy will get a break so they will stimulate
> spending and we will all work for them. Then we need another war, so we can
> borrow money to spend on weapons. Real capitalists love Bush and Reagan
> because they were borrow-and-spend fiscal conservatives straight from the
> Gospel according to Hayek and Von Mises, a couple of ivory tower supply side
> economist academics who died broke and were buried in paupers graves.
Austrian economists argue that the Federal Reserve System directly
caused the Great Depression through monetary inflation in the 1920s.
[103] According to the Austrian economic theory of the business cycle,
monetary ease results in a boom that becomes a recession or
depression, especially quickly when the monetary ease is stopped.
Within this theory the Great Depression was simply one of countless
booms and busts throughout history that result when the money supply
is manipulated. Among other evidence supporting this position is a
particularly notorious quote in 1927 from Benjamin Strong, the
chairman at the time. Strong said that the American authorities would
reduce discount rates as “un petit coup de whisky for the stock
exchange.”[104] Austrian economists do not blame unbridled speculators
as the primary cause of the roaring twenties, but rather the
inflationary monetary policy of the Federal Reserve System.
http://en.wikipedia.org/wiki/Federal_Reserve_System#Criticisms
Pay attention to the war part of Democrat administrations - something
about learning from history or repeating it.