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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Tuesday, May 05, 2009

Quote fo the day....

I don't believe in a law to prevent a man from getting rich; it would do more harm than good. So while we do not propose any war upon capital, we do wish to allow the humblest man an equal chance to get rich with everybody else.

-Abraham Lincoln-
This is the late Jack Kemp's favorite quote on entrepreneurial capitalism. Jack Kemp, an adherent of Ronald Reagan's low tax, supply side capital model, died this weekend and a number of pieces written by him over the past couple of decades can be read here.

Jack was also a believer in the gold standard, a interesting idea but unfortunately arcane since it does not allow for global growth that have raised 100's of millions out of poverty. The wild boom in the US over the past 30 years has allowed other economies to grow. Now the US, that has lived beyond it's means, will have to retrench. Its now time for the rest of the world to create buoyancy. A gold standard would probably have not allowed this to happen.

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