Jeffrey Rogers Hummel, my old friend and a top-notch economist, historian, and authority on money and banking, sat down with Nick Gillespie of Reason TV for an illuminating interview on what to expect regarding the federal government’s fiscal bog. In accessible language Hummel explains why the government will have no choice but to repudiate its debt (inflation, taxation, and spending can’t balance the budget) and why repudiation will be a good thing. I highly recommend this video.
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Hummel appears to be hopelessly trapped in an academic bubble. A bubble without human actors.
Comments like these are useless.
Out of the four biggest federal programs, three–Social Security, Medicaid and Medicare–cater to the people. Only the other one, the military, is part of the much-dreaded military-industrial complex. Do you think that a wipe-out of poor people's pensions and medical care is a good idea? If so, why do you criticize conservative critics of the government for focusing on the welfare state rather than crony capitalism?
I had never heard of Jeff Hummel until Sheldon shared this video on Facebook. It makes me want to find out and learn about the many great libertarian anarchist scholars that undoubtedly exist that I do not currently know about.
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