Posted on 04/13/2009 8:45:20 PM PDT by jazusamo
China is the largest foreign holder of U.S. government bonds. But, instead of buying more of those bonds as our skyrocketing national debt leads to more bonds being issued, China has been selling some of its U.S. government bonds this year.
The Chinese are no fools. They know that all this unbridled spending — even when it is called "investment" — means that inflation is coming. That in turn means that the dollars with which U.S. government bonds will be paid off will be worth a lot less than the dollars with which the bonds were bought.
Governments around the world have played this game for centuries, robbing those who trusted them enough to buy their bonds. Like Bernard Madoff, they call it "investment."
Inflation also means that all the talk about how higher taxes will be confined to "the rich" is nonsense. Inflation is a hidden tax that takes away the value of money held by everyone at every income level.
Abraham Lincoln once asked an audience how many legs a dog has if you count the tail as a leg. When they answered "five," Lincoln told them that the answer was four. The fact that you called the tail a leg did not make it a leg.
It is too bad that Lincoln is not still around today. He might emancipate us all from our enslavement to words.
When you call something a "stimulus" package, that does not mean that it actually stimulates. The way individuals, banks and businesses in general are hanging onto their money suggests that "sedative" package might be more accurate.
(Excerpt) Read more at jewishworldreview.com ...
I hope Palin picks Sowell for treasury secretary when she is president
And Ann Coulter for Press Secretary (hee hee hee )
That’d be nice. :)
I wish I could write this in the sky.
I love the way Sowell takes an idea and makes it so clear and easy to follow. I wish more people would read his articles.
Amen to that. Sowell is a great thinker and writer, he makes complex issues easy to understand.
You’re correct. Libs and many blacks have ignored him for years, they know they can’t debate him and come out on top.
Strong rent control laws can bring residential building to a screeching halt.
maybe some FReepers for federal judges
Liberals live their whole lives under the banner of “good intentions”. By giving a high-sounding name to a government takeaway, they try to give themselves cover. “Welfare”, “Social Security”, a “jobs program” - none of these accomplish what they were promised to accomplish. But no one cares, because in the Liberal World, it’s the thought that counts.
Thank G_d for TS!
That's because liberalism is about avoiding the truth, in the name of the truth.
Stop being confused. Know thine enemy.
bttt
A nice piece of work by the good professor:Indeed, "calling a tail a leg does not make it a leg."
- calling a policy "stimulus" does not make it stimulate; calling it "pump priming" doesn't make it call forth more money than you put in to begin with.
- calling a law "gun control" doesn't cause lawbreakers abide by laws - and even if it did control guns it would not thereby control violence by the young and strong and numerous against the old, weak, or isolated.
- calling a law "rent control" does not make it control rents - certainly not while maintaining apartment quality.
- Nor, let it be added, does calling a law "campaign finance reform" does not make it an improvement upon freedom of speech and press.
- Nor does calling a policy "liberal" make it liberating rather than confining,
- nor does calling a policy "progressive" make it produce progress,
- nor does calling a law a "minimum wage" law mean that you are making any money if you can't get a job without agreeing to work for less than the "minimum."
- Nor does calling telling the truth about communists "McCarthyism" make the truth a lie, or even make McCarthy himself a "McCarthyite."
- Nor does calling reporters "the press" make them the sole embodiment of free expression.
Thanks for the ping jaz. Excellent commentary by Dr. Sowell as usual.
BTTT
for later
If those are your picks for Sarah’s cabinet, then she needs to pick you, Mr. K., for Chief of Staff! :)
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