For years we have been warned by Keynesian economists to fear the so-called "liquidity trap," an economic cul-de-sac that can suck down an economy like a tar pit swallowing a mastodon. They argue that economies grow because banks lend and consumers spend. But a "liquidity trap," they argue, convinces consumers not to consume and businesses not to borrow. The resulting combination of slack demand and falling prices creates a pernicious cycle that cannot be overcome by the ordinary forces that create growth, like savings or investment. Read More >>
After Democrats in New York rammed a sweeping assault on the right to keep and bear arms through the legislature that failed to exempt police officers from the draconian restrictions, gun owners and even some lawmakers are planning what has been dubbed potentially the largest act of civil disobedience in state history. According to news reports, gun rights activists are urging everyone to defy far-left Governor Andrew Cuomo’s new registration mandate while daring authorities to “come and take it.”
Peter Schiff calls the latest move by the Fed, "Operation Screw". A man that eloquent should be listened to!
Libertarianism: the radical idea that other people are not your property!
I was recently sent an email from a local businessman who railed against the anti-business mentality of the current Democratic administration. He described in some detail how Barack Obama doesn't have a clue as to how businesses create things including jobs. No argument there. He details the utter incompetence of agencies like the IRS, the gross misapplication of unemployment benefits and of course our favorite non-government, government agency, the U.S. Postal service (made private by Republican Richard Nixon of course). I'm sure he could have made a longer list but brevity is after all a virtue. He goes on to show how we spend more than we take in and how a private family doing the same thing would quickly go belly up. Again, he's just talking about what constitutes responsible behavior. He then concludes that the solution is to elect a select group of conservative tea party folks with business experience or at least business knowledge and who presumably, along with others of like mind, will put the country on the right track.
While well meaning, let me address each of these points in some detail.
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