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The Big Picture
Patrick Deneen on the upcoming free money checks from Uncle Sam:
… Each working American will therefore receive a check ranging from a few hundred to over a thousand dollars that will be money that we borrow from our foreign creditors. The very reason that the economy is tanking is due to bad borrowing and lending practices. Accordingly, we propose to stimulate the economy with a big vibrator made out of more debt, in addition to cheaper money courtesy of the Fed. If the hole you dug seems to be getting darker, then the logical thing is to look for light by digging deeper. This is going to be one messy climax.
He continues:
I hope these past few days will be recalled the next time we hear our conservatives singing the mantra of “the free market.” The market should be free and unfettered, … unless that market is in danger of failing to produce growth. The moment the markets begin to teeter into “bear” territory, it’s our Wall Street gurus who gnash teeth and pull on hair demanding that the Fed lower rates and the politicians print money. That we are now subsidizing profligacy and fraud, and allowing its practitioners to escape any unpleasantness associated with their bad behavior, is a sign that it’s not the free market that they defend, but growth at any price.
All right, Deneen. The United States is headed towards fiscal ruin and deep recession. But on the other hand, the more inflation, the easier it is to pay off my student loans. Silver linings, people!
