TO THE EDITOR: Murray N Rothbard (1926-1995), economist and economic historian in "Economic Depressions: Their Cause and Cure," wrote: "In the old days, we used to suffer nearly periodic economic crises, the sudden onset of which was called a "panic," and the lingering trough period after the panic was called "depression."
Rothbard notes, "After the disaster of 1929, economists and politicians resolved that this must never happen again. The easiest way of succeeding at this resolve was simply to define "depressions" out of existence. From that point on, America was to suffer no further depressions."
Sound familiar? Today, we say "Less loss=improvement."
Rothbard continues: "So be of good cheer; from now on, depressions and even recessions have been outlawed by the semantic fiat of economists; from now on, the worst that can possibly happen to us are 'slowdowns.' Such are the wonders of the 'New Economics'."
Mr. Rothbard comments on the absurd, yet widely accepted notion that "The function of the government is to be the wise old manager and physician, ever watchful, ever tinkering to keep the economic patient in good working order."
The value of the dollar went into a steep decline starting 2006. What happened in 2006? I know what our partisan neighbors will answer, but those arguments don't address the root problem. Our government discontinued publishing the "M3" report that showed, in real numbers, what the money supply is.
Why? They were firing up the printing presses to print new dollars and devalue our dollar.
Commenting on government intervention, Mr. Rothbard states, "It was not so long ago that this kind of attitude and policy was called 'socialism'; but we live in a world of euphemism, and now we call it by far less harsh labels, such as 'moderation' or 'enlightened free enterprise.' We live and learn."