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.

Central banks

Central banks can create infinite quantities of money, at no cost.
So they can reduce its value to nothing without difficulty.

As Robert Mugabe has shown, anybody can run a printing press successfully.

Financial markets are perfect

Financial markets are perfect.

In particular when they are susceptible to boom-and-bust cycles.

Cycles of this sort have been, are and will be perennial with markets.

For addressing the results of these cycles all you need is free enterprise and free market.

To solve economic problems

To solve economic problems you have only two tools: personal responsability and market forces.

Government involvement in economic management is always the origin of an economic crisis.