Friday, May 6, 2011

It's Not A Crisis, It's The Result

"It's not a crisis, it's the result", said Stefan Kisielewski, an eminent Polish classical liberal writer, in reference to permanent shortages of goods under socialism. Replace "permanent shortages of goods" with "liquidity trap" (or, to avoid Keyneslang, with "regime uncertainty" or simply "protracted recession") and socialism with "money pumping" (or simply "central banking"), and Kisielewski's words remain as true as they have ever been.

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