The government is always looking for something that appears more dangerous than itself, and these criminals seem to fit the bill. Never mind that it was the government that promised but failed to protect us. It was the government that prevented the airlines from protecting themselves. It was the government that so badly botched the rescue operations. It was the government that had stirred up the hate that led to the terrorism.

Welcome to the age of paper money, where governments and central banks can manufacture as much money as they want without limit. Gold was the last limit. Its banishment as a standard unleashed the inflation monster and leviathan itself, which has swelled beyond comprehension.

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.

Without market prices for capital goods, accounting is not possible. You don't know if you are making money or losing money, saving resources or wasting them, doing the right thing or not doing the right thing.

The people and the warmakers are two distinct groups. We must never say 'we' when discussing the US government's foreign policy. For one thing, the warmakers do not care about the opinions of the majority of Americans. It is silly and embarrassing for Americans to speak of 'we' when discussing their government's foreign policy, as if their input were necessary to or desired by those who make war.

It's not as if socialism is a new idea. It was tried in the 20th century. It produced economic stagnation and despair. In its purest form, it extinguished more than one hundred million people.

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.