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

The social and racial conflict, which springs from the redistribution ideology, may deepen as economic output is shrinking and transfer 'entitlements cause budget deficits to soar. The U.S. dollar, which has become a mere corollary of government finance, is likely to survive the soaring deficits.

Inflationism is a dreadful cancer that is gnawing at the backbone of the civilized order.

The popular notion that an increase in the stock of money is socially and economically beneficial and desirable is one of the great fallacies of our time.

The government transfers income and wealth according to the rules of politics, which make politicians the primary beneficiaries of the system, and the poor and needy the primary victims.

Redistribution divided society into two social classes: the beneficiaries of transfer, who are calling for ever more; and the victims, who submit unwillingly. It could hardly fail to injure social peace and harmony.

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