Ludwig von Mises Institute
Mises Daily : Mises Institute on Austrian Economics and Libertarianism
Updated: 1 hour 56 min ago
Robert Taft is smeared today by the interventionists as an “isolationist.” But he was proven right decades ago. “It is a full generation later,” Nicholas von Hoffman wrote in the 1970s, “and it turns out that Taft was right on every question all the way from inflation to the terrible demoralization of the troops.”
Most economic commentators blame weakening economic data on recent bad weather in the US. Many assume it will improve once consumers can go out and spend again. But it’s more likely weakening trends are in response to the emerging economic bust brought about by a decline in the growth momentum of the money supply.
Fixing things ourselves is often a costly process because the act of repairing something is often a recreation of the manufacturing process. Getting a machine back to working, you tread the same steps that were done at the factory. The problem is, the manufacturer will always be better at putting together machines.
Austerity to a politician means higher taxes on personal income and small businesses; never the sacred government trough. Keynesian stimulus does not work. The IMF-inspired austerian approach does not work. Real austerity means eliminating regulators and regulations, cutting taxes, and selling government assets.