Sound Money Is The Sine Qua Non

I Mean, Everyone Agrees With Stress Tests For Banks. I Mean That's Clear. But Banks Should Do That On Their Own. And They Should Worry About Their Own Capital Functioning. That's What They Should Do. It Shouldn't Be A Government Function.

I Think The Inflation Prospects For The U.s. Over The Next Five Or Six, Seven Years, Are Quite Serious. You Cannot Have A Bumper Crop In Apples Without The Value Or The Price Of Each Apple Falling. The Fed Has Had The Largest Increase In The Monetary Base In The History Of The U.s., From Colonial Times To The Present, Times Ten.

Let Me Just Try To Give You Sort Of The Intuitive One Here On The Stimulus Funds. If You Have A Two-person Economy - Let's Imagine We Have Two Farms, And That's The Whole World, Just Two Farms. If One Of Those Farmers Gets Unemployment Benefits, Who Do You Think Pays For Him? Am I Going Way Over Your Heads Today?

People Can Also Change The Timing Of When They Earn And Receive Their Income In Response To Government Policies.

There Are Several States That Move From Karl Marx-like Policies To Adam Smith-like Policies And Back Again In A Weekend. So For The States With Huge Volatility In Their Income Tax Policies Over Time, The Differences In Growth Rates In Those Periods Are Really Amazingly Consistent With Tax Rates Really Mattering.