Why We are NOT on the Road to Serfdom
Gary North - Gary North thinks the coming Great Default will be good news for liberty. I hope he's right. [gsc]
If the federal government cannot increase the percentage of taxes that it collects from the American people, which it has not been able to do since 1947, there are distinct limits on the expansion of the federal government. We are not moving into a comprehensive tyranny. We are moving into a time in which the federal government is going to go bankrupt, and when it does, it will lose more power than it has ever lost since 1788. Bankrupt means bankrupt. Washington's checks will bounce or else not buy much. Bankruptcy means the federal government will not be able to pay the bureaucrats. Bankruptcy means the federal government is going to shrink in its ability to interfere with our lives. This is the meaning of the Great Default.
It's a fairly long article,
It's a fairly long article, but that paragraph is basically the bottom line. Says it's gonna be hard for a while, but the economy will rebound, that if hyperinflation happens, it won't be for long, and that fedgov's credit will disappear, so they'll have no choice but to reduce expenses. Seemed awfully optimistic to me, too.
I never thought of Gary
I never thought of Gary North as a cockeyed optimist before.
Has there ever even once been a bankrupt government that just said, "Oh! Guess we're out of money now. Our bad, we'll just go away." Hardly. If you can't get rid of Robert Mugabe that way, you sure as hell won't get rid of the US Gov.
I didn't RTWT, but if that paragraph is representative I want some of what he's smoking.
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