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.

The most encouraging trend of our time is the widespread loss of faith in government. No longer do people look to the government as the great problem solver, economic planner, social unifier, or cultural czar. The government is more likely to be seen for what it is, a haven for grafters, liars, and would-be tyrants. Americans, like the Russians, no longer believe anything until it is officially denied.

Subsidies create more of whatever is being subsidized.

If the people are led to believe that scarce resources are best channeled in a direction that producers and consumers would not choose on their own, the result must necessarily be central planning.

The state always poses a greater threat to society than whatever problem it purports to solve.

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.

What we need is a new consciousness concerning the idea of human liberty.