The larger the government, the more our livings standards are reduced. We are fortunate as a civilization that the progress of free enterprise generally outpaces the regress of government growth, for, if that were not the case, we would be poorer each year - not just in relative terms, but absolutely poorer too. The market is smart and the government is dumb, and to these attributes do we owe the whole of our economic well-being.

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.

Libertarianism is a theory of politics that is so compelling that once you have absorbed it, it becomes the lens through which you end up understanding all economic and political events.

It is not caving in to the bees to stop poking a stick into their hive.

To concede that there are social problems that cannot be corrected without the state is to give up the entire argument over the future of liberty itself.

There is nothing the state can do, and which society needs done, that cannot be done far better by the market.

Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation.