Russia Protects Against Devaluation While Others Don't - Barrons.com
statement by DR: "You should be thankful for those large deficits for without them the US and most likely the whole world would be suffering from a second Great Depression. "
response:
"You clearly dismiss anti-business regulatory and tax policies as any causative factor for economic decline - but to do so, you also have to dismiss facts staring you in the proverbial face.
To wit, government is spending too much and spending the money on consumption by taking the productive resources from some members of society to give to others who are unable to produce and contribute to society in the same degree they want to consume what society is producing.
Austerity - and as Obama stated yesterday - I'm having government spend more without any more debt. Are we blind to his plans to take it from the supply-demand private economy through higher taxes!
You should glance at: "Extraordinary Popular Delusions And The Madness Of Crowds
By Charles MacKay
1841"
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