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.

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.

The danger to a free society is not the guns owned by the citizens but an unconstrained government.... An armed society is a self-governing society, just as a disarmed people are vulnerable to arbitrary power of every kind.

What makes for the good society is a sound economy. Without it, all the rest falls apart.

The leviathan state, that monster devouring civilization in this century, is in the throes of death. This is not a wish or a prediction, but a conclusion drawn from a broad look at the trends of the last decade and a half, which, if we take the right steps, can continue on into the next century. What has happened around the world - nations states collapsing, markets outwitting planners, citizens rising up against government masters - can and is happening here at home.

Always and everywhere, the only serious political issue is what the state should and should not do. All the rest distracts.

Socialism crushes human rights, builds the state, impinges on the liberty of conscience, and breeds social, cultural, and economic degeneration.