No new taxes! Yes the politicians always see it that way... never reduce spending just increase revenue... never-mind the inevitable bankruptcy...
We must convince or replace enough of them to force them to see the necessity of spending within our means. We are probably too late... :(

here's where we disagree, j. If you have a tax rate of 90% for everyone and no public debt, this will not prosperity. If the govt spends 90% of the GDP but incurs no debt, you still will not have prosperity.
Debt is an indicator of overspending, but is not the real reason for our problems. You are missing cause and effect. Why this is important. You are giving politicians an argument to raise taxes.

Thank you j_IR1776wg,
Very telling. Public debt and excessive spending is no friend to the economy.
Regards,
O.A.

Good video! Hayek is the man who understands!

I'm sorry, Mike, he nailed that

You applied "SCIENTIFIC principles" when you voted for Obama (twice).

How is that working out? ;-)

"...then you know very little about economics."

I know enough to know what history tells us. I know what I was taught in college. I know the times that I lived through. Do you?

"Even if the economics were difficult...."

No difficulty here for me,,,but I suspect that you have a difficulty with the reality of putting the nation into full production mode, and introducing the women into the work force, on every level.

"...even if you could not pinpoint the actual data."

My bad for assuming that most of us here had an understanding of what took us out of The Great Depression. I'll not waste my time proving gravity to those that don't understand why they don't just float away from having so much hot air in them....

Be sure to post your resume if you answer this...we have only seen it about 5 times. Some of us have forgotten the 'highlights'!

P.S. 'Bite me".

You do this alot Mike. "This video is garbage" A blanket condemnation with no explanation. Did Jackson close the Fed in 1836? Did the people who made the cartoon fake JFK's video.? What gives with you?

Yup. Nothing says Capitalism better than innovation. Sans government of course.

NAP :-)

I do that too! I think around 100k of their views are me.

I re read your post. Or, I should say I read your post the way you meant me to read it. My mistake.

this is good, I've seen it before but I watched it again to get the numbers up

Interesting. I thought I was making Hayek's point.

it is so true j. My husband does patents and we are part of a tech incubator in Colorado. Ten years ago, you would not believe the technology! and so disruptive (across-changes completely whole industries). Now, mostly govt IT. lol, including one client who "blows things up." The incubator is in a military town but all that other fascinating, life changing stuff, it is much harder to come by these days.

You're making Keynes point.
http://www.youtube.com/watch?v=d0nERTFo-...

Thank you . I agree with Mr. Schiff particarly his last sentence. "What we need is more savings, more free enterprise, more production, and a return of American competitiveness in the global economy. Yes, we need Rosie the Riveter - but this time she has to work in the private sector making things that don't explode. To do this, we need less government spending, not more"
We must collapse goverment spending..

Thumbs down on this "In fact DEBT is the SEED OF CIVILIZATION"
See this chart http://pgpf.org/Chart-Archive/0024_feder...

Little government debt equals prosperity. How long will it take you to learn this..

http://www.europac.net/commentaries/why_...

Rocky_Road didn't say anything about "prosperity". You are attacking a straw man! The mobilizatiobon did provide the catalyst that got people back to work. War and government debt has that effect. Hitler's mobilization in Germany gave them a false sense of prosperity for about 10 years before the roof fell in.

I think we are all looking at different aspects yet saying mostly same thing.

yes, I agree. There is a way out, but unlikely to occur politically.

"Good debts are those which are necessary to protect the citizens, the people of the country"

Yes!!! when taken on by a LIMITED GOVERNMENT might be good and necessary in wartime or severe natural disaster. Any further public debt is THIEVERY - I don't want my grandson going into debt to pay for a study of the mating habis of frogs.
What in your estimation did Detroit do that every city, county, state, and the federal govt. is not still doing? How do you calculate they will escape the same fate?

Yes, but it does make some good points. Some I hope my kiddos will keep in mind.