Wednesday, September 17, 2008
Clarity from Roach
Christopher Roach doesn't write every day, and doesn't always hit a bulls-eye, but when he does it's better and sharper than anyone else. In today's column on the economic collapse, he says:
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Unfortunately, central banking and deficit spending have made our government to some extent hostage to a handful of private investment banks that trade in government debt. The “liquidity crisis” is also a crisis of the government’s ability to deficit spend. Conservatives should not necessarily renounce some repudiation of that debt, if such a repudiation punished the enablers of mass government spending. Bad credit for the government would be a good thing for the public, making expensive endeavors like the Iraq War, farm subsidies, and prescription drug benefits a thing of the past. Regulation should aim above all at stability, transparency, and buffering of the economy as a whole from the actions of a small circle of risk-preferring speculators.
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