It's not so unusual to run out of someone else's currency.
America's government is not even aware of the gap between its commitments and action, because almost nobody in authority understands the actions that would be needed to meet the commitments.
The growth of a nation's productive potential is the central factor in determining its growth in real wages and living standards.... high rates of investment and saving usually have a big payoff in promoting economic growth.
The president says we need to raise the debt ceiling because America pays its bills. No if we paid our bills we wouldn't have all this debt. The reason we have to raise the debt ceiling is because we can't pay our bills and we have to borrow money because we don't have any money to pay our bills.
And for man to look upon himself as a capital good, even if it did not impair his freedom, may seem to debase him... by investing in themselves people can enlarge the range of choice available to them. It is one way free men can enhance their welfare.
Responsible people work, earn, save, invest, make things better for self & family. Lefties call that "greed."
Why should a financial engineer be paid four, four times... to a hundred times more than the, uh... real engineer? A real engineer build bridges, a financial engineer build, build dreams. And when those dream turn out to be nightmares, other people pay for it.
For violence or fraud can create no right.
The timing & characteristics of state intervention affect not only organizational tactics and strategies, but the content and definition of interest itself... Some scholars have directly stressed that state interventions create corporatist forms... the formation, let alone the political capabilities, of such purely socioeconomic phenomena as interest groups and classes depends in significant measure on the structures and activities of the very states the social actors, in turn, seek to influence.
Autonomous state actions will regularly take forms that attempt to reinforce the authority, political longevity, and social control of the state.
The chief arguments that are urged against an established religion, may be used with equal force against an established charity. The dissenter submits, that no party has a right to compel him to contribute to the support of doctrines, which do not meet his approbation. The rate-payer may as reasonably argue, that no one is justified in forcing him to subscribe towards the maintenance of persons, whom he does not consider deserving of relief.
You can only confiscate the wealth that exists at a given moment. You cannot confiscate future wealth - and that future wealth is less likely to be produced when people see that it is going to be confiscated.
RE: GSEs like Freddie Mac & Fannie Mae: "creditors will continue to underprice the risk-taking of these financial institutions, overfund them, and fail to provide effective market discipline Facing prices that are too low, systemically important firms will take on too much risk."
Why, when the economist gives advice to his society, is he so often cooly ignored? He never ceases to preach free trade, and protectionism is growing in the United States. He deplores the perverse effects of minimum wage laws, and the legal minimum is regularly raised each 3 or 5 years. He brands usury laws as a medieval superstition, but no state hurries to repeal its law.
Can there be in our age any peace that is not honorable, any war that is not dishonorable?
The real economic cleavage is not... between employers and employed, but between all who do constructive work, from scientist to laborer, on the one hand, and all whose main interest is the preservation of existing proprietary rights upon the other, irrespective of whether they contribute to constructive work or not.
Government should be good for the liberty of the governed, and that is when it governs to the least possible degree. It should be good for the wealth of the nation, and that is when it acts as little as possible upon the labor that produces it and when it consumes as little as possible. It should be good for the public security, and that is when it protects as much as possible, provided that the protection does not cost more than it brings in.... It is in losing their powers of action that governments improve. Each time that the governed gain space there is progress.
Greediness consists in ravishing the goods of another through violence or cunning, as in the two noble professions of the conqueror and courtier. But the merchant, like all other industrious men, seeks his benefit only in his talent, in virtue of freely arrived at agreements, and appealing to faith and the laws.
Trade and commerce, if they were not made of Indian rubber, would never manage to bounce over the obstacles which legislators are continually putting in their way.
As for me, I am deeply a democrat; this is why I am in no way a socialist. Democracy and socialism cannot go together. You can't have it both ways. Socialism is a new form of slavery.
Society is purely and solely a continual series of exchanges... And the greatest eulogy we can give it, for exchange is an admirable transaction, in which two contracting parties always both gain; consequently, society is an uninterrupted succession of advantages, unceasingly renewed for all its members.
A tax is always a sacrifice which the government demands of individuals.While it only lessens every one's personal enjoyments, it only shifts expenses from one to another.But when it encroaches on productive consumption it diminishes public riches.
Government, on their part, are much disposed to favor the establishment of these large companies, and to give them privileges to the detriment of their rivals, and of the public, with the expectation of receiving from them loans, either gratuitous or at a low rate which these never refuse. It is thus that the one sells its protection and the other buys it; and this is already a very great evil.
The man, who has begun to live more seriously within, begins to live more simply without.
Daily meditation keeps me sane. I memorize prayers or poems that express my highest spiritual ideals, and quietly, word for word, go through the prayer first thing in the morning. Julian of Norwich or St. Francis or the compassionate Buddha. It's called passage meditation. You internalize the perennial philosophies.
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