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Taki’s Magazine: The House Poor

Toss the too-big-to-fail baloney, says Woods, and let insolvent, inefficient, bloated giants fail, because the free market will take the best of what’s left and make good use of it without having to poach the taxpayers’ pockets for Friday night beer money. As to Fannie and Freddie, say goodbye, and as to all government bailouts of private institutions, good riddance. “Problems caused by excessive spending and indebtedness,” says Woods, “cannot be cured by more spending and more indebtedness, any more than the cure for excessive lending is more excessive lending.”

Finally, since “money is the most socialized sector in the American economy,” it must be liberated. We don’t need yet another layer of government dedicated to monetary oversight, as Ben Bernanke has argued for in the past few days; we need a separation of money and state. And such a thing is only possible if the central bank again becomes a subject of public debate (as it once was.)

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Written by mrcauser

March 19, 2009 at 7:08 pm

Posted in Uncategorized

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