Another article from txfatherofseven.wordpress.com.
When we oppose subsidies, we are charged with opposing the very thing that it was proposed to subsidize and of being the enemies of all kinds of activity, because we want these activities to be voluntary and to seek their proper reward in themselves. Thus, if we ask that the state not intervene, by taxation, in religious matters, we are atheists. If we ask that the state not intervene, by taxation, in education, then we hate enlightenment. If we say that the state should not give, by taxation, an artificial value to land or to some branch of industry, then we are the enemies of property and of labor. If we think that the state should not subsidize artists, we are barbarians who judge the arts useless. — Frederic Bastiat
I’ve posted this quote onFacebookonce but never got to dig into it more. One of the things about the…
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Wouldn’t it be scary if the people in charge were incompetent? I’ve often questioned the popularly held belief that those who claim power are some kind of super villains. I think they are just as prone to stupidity, prejudice, and mistakes as the rest of humanity I never could imagine a nest of criminal masterminds. In fact, “mastermind” might be the furthest from fact. Many if these people claiming to be out benevolent masters are idiot savants and best and grossly misinformed and unqualified at worst.
The next nail in the coffin of the US dollar is going to be when the rest of the world decides to dump the dollar as the reserve currency.
The Bretton Woods arrangement gave the dollar a serious edge- commodities and other global trade was all exchanged in dollars. Oil was expressed in dollars. Foreign nations had to keep dollars just to trade with each other .
Then we closed the “gold window” so we could print money like it was going out of style.
These countries are still holding trillions of our dollars and other debt instruments we created in order to spend more than we actually produced.
If Russia, China, and India team up economically (it’d be a more natural arrangement than what we have) and dump all their dollar holdings during a realignment, what happens?
What happens is our already inflated domestic currency is joined by the trillions of overseas dollars rushing back home. Hyperinflation.
This is a great blog posting over at “the Humane Condition” by @AdamBlacksburg.
Check out his other writings, too!