The transfer society is forever testing the bounds of patience of taxpayers. Having reached the limit and still facing loud demands for more benefits, it resorts to deficit financing.

Since there is no orderly way to liquidate the federal debt, we must brace for a payment crisis.

The paper standard is self-destructive.

Wherever politics intrudes upon economic life, political success is readily attained by saying what people like to hear rather than what is demonstrably true. Instead of safeguarding truth and honesty, the state then tends to become a major source of insi

A monetary order created and managed by politicians and officials is bound to disappoint.

In expectation of his demise, a successful businessman may sell out to his competitors to prepare his estate with readily marketable securities, such as U.S. Treasury bonds. The confiscatory death tax eliminates many family enterprises and promotes the growth of giant corporations.

Instead of safeguarding truth and honesty, the state then tends to become a major source of insincerity and mendacity.