Money out of nothing is money that is eventually worth nothing.

The only reason for a government service is precisely to provide financial support for an operation that is otherwise unsustainable, or else there would be no point in the government's involvement at all.

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.

The state is a vast enterprise for declaring all sorts of things legal for itself that would be illegal for us.

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.

American federalism was the embodiment of political tolerance and decentralization - the expression of the liberal conviction that society can manage itself and needs no central plan.

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.