Lawrence Kudlow does not shrug off yesterday’s gains but sees Bernanke’s position as a quick fix with no good ending.
. . . if I had my druthers, I would promote growth through flat-tax reform, a regulatory rollback, lower spending, and a steady King Dollar linked to gold. In other words, more incentives for private-sector entrepreneurs and small businesses.
But like many I suspect the Fed would have no problem presiding over a cheaper dollar, which over time is an inflationist policy a tax hike on the economy.
Case of stopped clock being right twice a day, I guess.
In that vein, from the late Frank Chodorov:
“Private capitalism makes a steam engine;
State capitalism makes pyramids.”
A word to the wise is sufficient — but never cuts it with the stupid.
Blithe Spirit 