"Pilate saith unto him, What is truth? And when he had said this, he went out again..."

Location: Tampa, FL, United States

Thursday, February 26, 2009

Experience Hurts and Helps

“The essence of Keynesianism is its complete failure to conceive the role that saving and capital accumulation play in the improvement of economic conditions.” (Planning for Freedom, 4th ed., p. 207. Italics in original.) -- Ludwig von Mises

With Obama and the Congress working the printing presses and pressing consumption the end result will be further erosion of our economy. Economies that thrive will have built up capital and accumulated savings. Capital and savings are the end result of God's blessings and people ordering their lives according to Scripture. Our current Adminstration is behaving like a 10th grader having maxed out his or her $100,000 limit (no offense to most 10th graders).

Everyone without their head buried in the sand knows somebody affected by the economic downturn. Those hurting have memories of happier times. In the broader picture and with the help of the perspective of history Americans have had it good for the most part compared to all those who have gone before. If all we had was running water, sewage plants, morphine and lidocaine we've bested our forerunners in creature comforts. We've had much more than that though for which we're all grateful.

So when the DOW breaks below 6000 in the coming months, remember February '09 was "the good 'ol days." And while Americans bemoan the government's failure to meet its needs they'll still rush to the polls and re-elect anyone willing to spend, spend til their daddy takes their t-bill away (no offense to the Beach Boys).

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