The risk of national bankruptcy in the advanced economies is rising inexorably.... This is a democracy problem. The constant pressure of more government - more public alms, more public programs, more public subsidies, ...is pushing the richest countries on Earth towards insolvency. .... The fundamental fact is that almost all democratic countries share the same destructive dynamic - to solve every perceived social and economic problem by throwing money at it.I'd advise Mr. Reynolds to stop sleeping with his copy of Plato under his pillow. Or to at least stop kissing his photo of Friedrich von Hayek before bedtime. Seriously, if democracy is the problem, what is the solution? What would he propose as an alternative form of government? Facism? A theocracy? A totalitarian regime legitimated by the divine right of kings?
Thursday, February 18, 2010
No Wonder Businessmen Loved the Nazis
Neil Reynolds discusses government debt in the Wednesday, February 17th edition of the Globe and Mail, page B2.