Abolishing the income tax

Abolishing the income tax. Now that really would be a genuine economic stimulus.

The American economy is broken

The American economy is broken and there is nothing the government can do to fix it. However, the free market does have a cure: it's called a recession, and it's not fun, easy or quick. But if we put our faith in the power of government to make the pain go away, we will live with the consequences for generations.

Something cannot be effortlessly created from nothing.

When the government spends, the money has to come from somewhere. If the government doesn't have a surplus, then it must come from taxes. If taxes don't go up, then it must come from increased borrowing. If lenders won't lend, then it must come from the printing press, which is where all these bailouts are headed. But each additional dollar printed diminishes the value those already in circulation. Something cannot be effortlessly created from nothing.

The importance of things like enterprise, hard work and self-reliance

America was a place where opportunity and risk were both much higher than on early 21st-century.

The bold and enterprising could succeed big, or fail big,without fear of confiscatory taxes or hope of government bailouts.

Getting ahead called for a keen mind, a strong back, and a willingness to work hard and take chances; opportunities to succeed by manipulating laws and regulations were harder to come by.

The importance of things like enterprise, hard work and self-reliance was America.

The Federal Reserve

The Federal Reserve is in the business of central planning instead of central banking.

The Fed's assets have grown much faster than its capital.

The Federal Reserve is itself a highly leveraged financial institution.

The flagship branch of the 12-bank system, the Federal Reserve Bank of New York, shows assets of $1.3 trillion and capital of just $12.2 billion.

Its leverage ratio, a mere 0.9%, is less than one-third of that prescribed for banks in the private sector.

The freedom of the marketplace

The federal government is proliferating in the economy at a logarithmic rate.

The freedom of the marketplace is still the only effective mechanism for eliminating poor business practices, identifying productive investment, and providing long-term growth.

The difference between a Ponzi scheme and the Social Security

What is the difference between a Ponzi scheme and the Social Security?

The firts one is illegal and the second one is legal.