Friday, March 06, 2009

Economic Fascism and the Bailout Economy - Gary North - Mises Institute

Gary North writes:

As the Internet grows in its influence, alternative views can get to a minority of educated people. The success of the Ludwig von Mises Institute in getting Austrian School economics in front of hundreds of thousands of young people, all over the world, who would never have heard about Mises or Rothbard had it not been for the World Wide Web, indicates that the foundations of the modern fascist economy are being undermined where it counts, which is in the minds of bright people who are no longer buying into the system...

These scholars agree: we are seeing the bankruptcy of every Western government that has made too many big promises to too many voters regarding free healthcare and guaranteed retirement. All of it will collapse. The tatters of the promises will point to the tatters of those who made the promises — politicians — and the tatters of the system that was supposedly going to guarantee delivery of the promises.

The academics still believe in the healing power of the state. The voters still believe this, too. But voters are catching on more rapidly than the academics that the state is running out of wiggle room. Millions of voters have figured out that they are going to get stiffed. They don't know what to do about it, but at least they understand that they really are going to get stiffed...

What I am saying is this: this time it's different. This time the fractional-reserve banking system has shot its wad. It is begging for ever-larger handouts from the Treasury Department, which needs central-bank fiat money to bail out the economy. The public is accepting this grudgingly, and the academic economists are cheering, but the reality is that this time it's different. You had better adjust your portfolio, your career plans, and your retirement plans accordingly.

Economic Fascism and the Bailout Economy - Gary North - Mises Institute

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