I think the article below gives a good case as to why government power is largely impotent in the economy and can only make things worse or pile debt upon debt upon debt...
The Age of Folly
The Age of Folly - Llewellyn H. Rockwell, Jr. - Mises Institute
Will President Obama's economic policy fail?
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Quote from article above, it started with Bush:
"It's not just that the attempt to undo economic law doesn't work. It ends up mucking up the system even more, and prolonging the suffering. That is precisely what has happened. There can be no question that we would have been out of this recession by now had the politicians not intervened. But an election was coming and Bush tried to rig the system. Not only that, but after seven years of ridiculous marauding around like king of the universe, he was flush with power and arrogance.
Bush attempted to reverse the economic river by waging a war on recession, about which I was writing back in March 2008:
All this nonsense about digging ourselves out of recession through government intervention began with the New Deal.… But here is the amazing fact: not once has this strategy worked.
By the fall and winter, it became clear that the war on recession was not working and the economy was sinking further. Rather than give up, Bush pushed so hard that he managed to throw us all in the arms of a socialist who knows nothing about economics and has surrounded himself with big shots who affirm him in his ignorance — people like Paul Krugman, who are wedded to antique mythologies about the glories of government power".
and now continues, with even bigger government...
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Originally Posted by cd27
It was government action - and government demand through the war, which saved the Capitalist system. Is he trying to re-write history?
Not rewriting history - rather re-interpreting it.
Rockwell argues that the economy faltered in the 1930s becuase of continued interventions, labour cartellisation, price fixing, and stimulus spending, rather than despite all of these things.
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The recession is the cure to all that high government spending and distortion, it is the cure not the disease and would've put things right if let.
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A quick google was enough to tell me all I need to know about this lot. The following is from Wiki:
Ludwig von Mises Institute
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Motto: Tu ne cede malis, sed contra audentior ito (Latin: Do not give in to evil but proceed ever more boldly against it)
Established: 1982
Type: Private
Chairman: Llewellyn H. Rockwell, Jr.
President: Douglas French (since 2009)
Faculty: 21
Staff: 17
Location: Auburn, Alabama, USA
Campus: College Town, 4 acres (16,000 m2)
Founder: Llewellyn H. Rockwell, Jr.
Website: Ludwig von Mises Institute - Homepage
The Ludwig von Mises Institute (LvMI), based in Auburn, Alabama, is a libertarian academic organization engaged in research and scholarship in the fields of economics, philosophy and political economy. Its scholarship is inspired by the work of Austrian School economist Ludwig von Mises. Other Austrian School academics such as Murray Rothbard and Nobel laureate F.A. Hayek have also had a strong influence on the Institute's work. The Institute is funded entirely through private donations.
The Institute does not consider itself a traditional think tank. While it has working relationships with individuals such as U.S. Representative Ron Paul and organizations like the Foundation for Economic Education, it does not seek to implement public policy. It has no formal affiliation with any political party (including the Libertarian Party), nor does it receive funding from any. The Institute also has a formal policy of not accepting contract work from corporations or other organizations.[1]
There are also several other Institutes with the same name throughout the world, including those in Belgium, Poland, Argentina, Mexico, Russia, Brazil, and Romania. However, the Institute has no formal ties with any of them.
The Institute's official motto is Tu ne cede malis sed contra audentior ito, which comes from Virgil's Aeneid, Book VI; the motto means "do not give in to evil but proceed ever more boldly against it." Early in his life, Mises chose this sentence to be his guiding principle in life. It is prominently displayed throughout the Institute's campus, on their website and on memorabilia.
The Ludwig von Mises Institute was established in 1982 under the direction of Margit von Mises, widow of Ludwig von Mises, who chaired its board until her death in 1993. The founder and former president, since 2009 chairman, is Llewellyn H. Rockwell, Jr and current president is Douglas French. The late economist Murray Rothbard was a major influence on the Institute's activities and served as its academic vice president until his death in 1995.[2] Among others, Friedrich Hayek, Lawrence Fertig, and Henry Hazlitt also assisted in both its construction and continued scholarly development.[citation needed]
Some controversy surrounds its creation and the Koch Family Foundations throughout the 1980s.[3] The ensuing ideology-driven drama created a rift between the Mises Institute and organizations like the Cato Institute, whose members had been staunch allies throughout the 1970s and early 1980s.[citation needed]
[edit] Mission and activities
Jörg Guido Hülsmann speaking to a group of students at the Mises Institute.The Institute's stated goal is to "undermine statism in all its forms". Its methodology is based on praxeology, a description of individual human action which seeks to avoid errors in scientific behavioral observation that could be induced by human self-consciousness and complexity. The Institute's economic theories depict any government intervention as destructive, whether through welfare, inflation, taxation, regulation, or war. The Institute disparages both communism and the American System school of economics (more broadly the American School).
Oi! No free advertisements for the Mises Institute!
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Economist Martin Wolf warns in today's FT that the US could default,
FT.com / Columnists / Martin Wolf - It is in Beijing?s interests to lend Geithner a hand
"Creditor countries are worrying about the safety of their money. That is what links two of the big economic stories of last week: Chancellor Angela Merkel’s attack on the monetary policies pursued by central banks, including her own, the European Central Bank; and the pressure on Tim Geithner, US Treasury secretary, to persuade his hosts in Beijing that their claims on his government are safe. But are they? The answer is: only if the creditor countries facilitate adjustment in the global balance of payments. Debtor countries will either export their way out of this crisis or be driven towards some sort of default. Creditors have to choose which".
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Useful post cd27.
"Facilitate adjustment in the global balance of payments" is good (lol). The message is that China should buy US goods (lol) or that the US will default on its massive debts to China.
If the market is let rip as the Mises people say they want, there would be a sudden shift of consumption from west to east that would rip apart social structures on a catastropic scale. It would be likely that the US would go to war before that happened. Its not accidental that we're starting to hear more about the muslim groups in China.
FOXNews.com - Chinese Islamic Group Threatens Olympic Transportation Attack - 2008 Summer Olympics
aangirfan: The use of militant Moslems in Russia, China, India & Indonesia.
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