Gary North has been a favorite economic and political commentator of mine for several years. Dr. North has a distinguished career that includes having worked for Ron Paul. In addition to his academic and political work, he is a Christan. So I tend to look more favorable on some of his work than I do the 3 P libertarians, who come across as simple minded hedonists who lack the social skills required to score with the ladies.
Dr. North recently published an article, Why We are Not on the Road to Serfdom. From the title you've no doubt figured out that the piece is a play on Hayek's 1944 book of the same name. Dr. North invests some ink in laying down a historical back drop and then he drops this gem on on us:
So, why all the weeping and wailing? Why all the despair? Why do people think that the juggernaut of the modern Keynesian state is not going to go off the tracks? Why do we think that the bureaucrats in Washington have any insight into how anything works? Why do we think the Establishment, which has to rule by way of bureaucrats in Washington, is in a position to direct the American economy? Has any Establishment-crafted decree matched the culture-changing influence that Bill Gates and Mark Zuckerberg have had -- a pair of Harvard dropouts?He goes on to explain on the basic system is flawed to such a point that it will collapse under the weight of its own mismanagement.
If the federal government cannot increase the percentage of taxes that it collects from the American people, which it has not been able to do since 1947, then there are distinct limits on the expansion of the federal government. We are not moving into a comprehensive tyranny. We are moving into a time in which the federal government is going to go bankrupt, and when it does, it will lose more power than it has ever lost since 1788. Bankrupt means bankrupt. Washington's checks will bounce or else not buy much. Bankruptcy means the federal government will not be able to pay the bureaucrats. Bankruptcy means the federal government is going to shrink in its ability to interfere with our lives. This is the meaning of the Great Default.Dr. North doesn't pretend that the transition is going to be painless, but he does offer a glimmer of hope. The system is going to fail, it's just a matter of time, and maybe we will learn and apply the lessons of economic history and embrace limited government again. Why We are Not on the Road to Serfdom is worth your time to read. I recommend you invest in reading it if you are interested in a little ray of hope from the coming change.