Stimulating the Economy Into the Ground

William Anderson
4/2/2009

 

Not long ago, it seemed that the economic possibilities in this country were endless. The unemployment rate was low, the official inflation numbers seemed to be in check, and the housing market was booming. Who would have thought — other than some of those pessimistic Austrian economists — that the United States really had what Peter Schiff has called a “phony economy”?

Today, as unemployment creeps toward double digits and economic growth is headed south, people clearly understand that the U.S. economy is in trouble and, naturally, they want to blame someone. Unfortunately, it seems that most people are taking the cue from the political classes and turning their anger on private enterprise. While we see protests outside various businesses, it is interesting — and very telling — to note that it was not until very recently that anyone was protesting in front of that Greek temple known as the headquarters of the Federal Reserve System, and they are still a precious few.

For that matter, there are no protests whenever President Barack Obama promises to spend the country back to prosperity via massive borrowing, all pushed along by the Fed’s virtual printing press. It is as though people really believe that Obama can work magic and turn spin straw into gold, or at least paper worth even less than straw into gold.

The story continues …..