American - Economist | March 2, 1926 - January 7, 1995
If taxes and government spending are both slashed, then the salutary result will be to lower the parasitic burden of government taxes and spending upon the productive activities of the private sector.
Murray Rothbard
GovernmentResultBurdenWillTaxes
Reagonomics - a blend of monetarism and fiscal Keynesianism swathed in classical liberal and supply-side rhetoric - is in no way going to solve the problem of inflationary depression or of the business cycle.
BusinessDepressionProblemRhetoric
Declines in specific industries can never ignite a general depression. Shifts in data will cause increases in activity in one field, declines in another.
DepressionDataWillNeverActivity
The 'boom-bust' cycle is generated by monetary intervention in the market, specifically bank credit expansion to business.
BusinessCreditBankCycleMarket
The proper governmental policy in a depression is strict laissez-faire, including stringent budget slashing, and coupled perhaps with positive encouragement for credit contraction.
PositiveDepressionBudgetCredit
Savings and investment are indissolubly linked. It is impossible to encourage one and discourage the other.
ImpossibleInvestmentSavingsOther
While other individuals or institutions obtain their income by production of goods and services and by the peaceful and voluntary sale of these goods and services to others, the State obtains its revenue by the use of compulsion; that is, by the use and the threat of the jailhouse and the bayonet.
PeacefulOthersRevenueProduction
The State provides a legal, orderly, systematic channel for the predation of private property; it renders certain, secure, and relatively 'peaceful' the lifeline of the parasitic caste in society.
SocietyLegalPeacefulProperty
The majority must be persuaded by ideology that their government is good, wise and, at least, inevitable, and certainly better than other conceivable alternatives. Promoting this ideology among the people is the vital social task of the 'intellectuals.'
GoodGovernmentWisePeopleBetter
Many and subtle are the ideological weapons that the State has wielded through the centuries. Once excellent weapon has been tradition. The longer that the rule of a State has been able to preserve itself, the more powerful this weapon; for then, the X Dynasty or the Y State has the seeming weight of centuries of tradition behind it.
TraditionPowerfulMoreThroughRule
A robber who justified his theft by saying that he really helped his victims, by his spending giving a boost to retail trade, would find few converts; but when this theory is clothed in Keynesian equations and impressive references to the 'multiplier effect,' it unfortunately carries more conviction.
SayingGivingFindMoreConviction
The State has invariably shown a striking talent for the expansion of its powers beyond any limits that might be imposed upon it.
TalentLimitsBeyondExpansionState
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