Everything done by the state is ultimately done by means of aggression, which is to say violence or the threat of violence against the innocent.

Everything done by the state is ultimately done by means of aggression, which is to say violence or the threat of violence against the innocent.

The fact is that the New Deal did not work. It prolonged what might have been a troubling two-year downturn into a horrifying blow to world prosperity that ended up in a war that killed countless millions. It was one of the greatest acts of wreckage in world history.

The Fed is pushing a variety of workarounds that would inject trillions in new money into the economy while bypassing the banking system altogether. Time will tell whether or not this will succeed. Meanwhile, a serious danger lurks around the corner. Once the recession is over, the lending will start again. With fractional-reserve banking and limitless supplies of cash on hand, we will likely see the overall price trends reversed, from deflation to inflation to possible hyperinflation.

All the stuff that makes life worth living is produced privately, and all that the government does is slow down the progress of civilization and bring destruction and disaster wherever it goes.

The laws of economics tell us that the expansion of the central state can't go on forever. Its limit is reached when the looted turn on the looters. And that's beginning to happen. More than six decades of hard work for American liberty beginning with the Old Right opposition to the Roosevelt Revolution and continuing with the Mises Institute, is beginning to bear fruit.

Above all, ascribe no decent motives to the federal government. Always and everywhere, it is the enemy of truth.