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The Great Deformation
The Great Deformation is a searing look at Washington's craven response to the recent myriad of financial crises and fiscal cliffs. It counters conventional wisdom with an eighty-year revisionist history of how the American state—especially the Federal Reserve—has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. These forces have left the public sector teetering on the edge of political dysfunction and fiscal collapse and have caused America's private enterprise foundation to morph into a speculative casino that swindles the masses and enriches the few.
Defying right- and left-wing boxes, David Stockman provides a catalogue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism; Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar; Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation; George W. Bush, who repudiated fiscal rectitude and ballooned the warfare state via senseless wars; and Barack Obama, who revived failed Keynesian “borrow and spend” policies that have driven the national debt to perilous heights. By contrast, the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass, Harry Truman, Dwight Eisenhower, Bill Simon, Paul Volcker, Bill Clinton, and Sheila Bair.
Stockman's analysis skewers Keynesian spenders and GOP tax-cutters alike, showing how they converged to bloat the welfare state, perpetuate the military-industrial complex, and deplete the revenue base—even as the Fed's massive money printing allowed politicians to enjoy “deficits without tears.” But these policies have also fueled new financial bubbles and favored Wall Street with cheap money and rigged stock and bond markets, while crushing Main Street savers and punishing family budgets with soaring food and energy costs. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.
Defying right- and left-wing boxes, David Stockman provides a catalogue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism; Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar; Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation; George W. Bush, who repudiated fiscal rectitude and ballooned the warfare state via senseless wars; and Barack Obama, who revived failed Keynesian “borrow and spend” policies that have driven the national debt to perilous heights. By contrast, the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass, Harry Truman, Dwight Eisenhower, Bill Simon, Paul Volcker, Bill Clinton, and Sheila Bair.
Stockman's analysis skewers Keynesian spenders and GOP tax-cutters alike, showing how they converged to bloat the welfare state, perpetuate the military-industrial complex, and deplete the revenue base—even as the Fed's massive money printing allowed politicians to enjoy “deficits without tears.” But these policies have also fueled new financial bubbles and favored Wall Street with cheap money and rigged stock and bond markets, while crushing Main Street savers and punishing family budgets with soaring food and energy costs. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.
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Liberty Portal is your gateway for free markets and free thinking. We aggregate open-sourced content to promote and popularize important people and lessons within the liberty movement.
suggested
Hunter Lewis
Where Keynes Went Wrong
In responding to the financial crash of 2008, both the Bush Administration and the Obama Administration have relied on prescriptions developed by John Maynard Keynes, the most important economist since Marx. But should we be relying on Keynes? What did Keynes actually say? Did he make his case? Hunter Lewis concludes that he did not. If Keynes was wrong then so are the economic policies of virtually all world governments today.
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FA Hayek
The Fatal Conceit: The Errors Of Socialism
Hayek gives the main arguments for the free-market case and presents his manifesto on the "errors of socialism." Hayek argues that socialism has, from its origins, been mistaken on factual, and even on logical, grounds and that its repeated failures in the many different practical applications of socialist ideas that this century has witnessed were the direct outcome of these errors. He labels as the "fatal conceit" the idea that "man is able to shape the world around him according to his wishes."
"The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed—then refutes it again."—David R. Henderson, Fortune.
"Fascinating. . . . The energy and precision with which Mr. Hayek sweeps away his opposition is impressive."—Edward H. Crane, Wall Street Journal
F. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher "revolutions."
Read more"The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed—then refutes it again."—David R. Henderson, Fortune.
"Fascinating. . . . The energy and precision with which Mr. Hayek sweeps away his opposition is impressive."—Edward H. Crane, Wall Street Journal
F. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher "revolutions."
Scott Adams
How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life
Blasting clichéd career advice, the contrarian pundit and creator of Dilbert recounts the humorous ups and downs of his career, revealing the outsized role of luck in our lives and how best to play the system.
Scott Adams has likely failed at more things than anyone you’ve ever met or anyone you’ve even heard of. So how did he go from hapless office worker and serial failure to the creator of Dilbert, one of the world’s most famous syndicated comic strips, in just a few years? In How to Fail at Almost Everything and Still Win Big, Adams shares the game plan he’s followed since he was a teen: invite failure in, embrace it, then pick its pocket.
No career guide can offer advice that works for everyone. As Adams explains, your best bet is to study the ways of others who made it big and try to glean some tricks and strategies that make sense for you. Adams pulls back the covers on his own unusual life and shares how he turned one failure after another—including his corporate career, his inventions, his investments, and his two restaurants—into something good and lasting. There’s a lot to learn from his personal story, and a lot of entertainment along the way. Adams discovered some unlikely truths that helped to propel him forward. For instance:
• Goals are for losers. Systems are for winners.
• “Passion” is bull. What you need is personal energy.
• A combination of mediocre skills can make you surprisingly valuable.
• You can manage your odds in a way that makes you look lucky to others.
Adams hopes you can laugh at his failures while discovering some unique and helpful ideas on your own path to personal victory. As he writes: “This is a story of one person’s unlikely success within the context of scores of embarrassing failures. Was my eventual success primarily a result of talent, luck, hard work, or an accidental just-right balance of each? All I know for sure is that I pursued a conscious strategy of managing my opportunities in a way that would make it easier for luck to find me.”
Read moreScott Adams has likely failed at more things than anyone you’ve ever met or anyone you’ve even heard of. So how did he go from hapless office worker and serial failure to the creator of Dilbert, one of the world’s most famous syndicated comic strips, in just a few years? In How to Fail at Almost Everything and Still Win Big, Adams shares the game plan he’s followed since he was a teen: invite failure in, embrace it, then pick its pocket.
No career guide can offer advice that works for everyone. As Adams explains, your best bet is to study the ways of others who made it big and try to glean some tricks and strategies that make sense for you. Adams pulls back the covers on his own unusual life and shares how he turned one failure after another—including his corporate career, his inventions, his investments, and his two restaurants—into something good and lasting. There’s a lot to learn from his personal story, and a lot of entertainment along the way. Adams discovered some unlikely truths that helped to propel him forward. For instance:
• Goals are for losers. Systems are for winners.
• “Passion” is bull. What you need is personal energy.
• A combination of mediocre skills can make you surprisingly valuable.
• You can manage your odds in a way that makes you look lucky to others.
Adams hopes you can laugh at his failures while discovering some unique and helpful ideas on your own path to personal victory. As he writes: “This is a story of one person’s unlikely success within the context of scores of embarrassing failures. Was my eventual success primarily a result of talent, luck, hard work, or an accidental just-right balance of each? All I know for sure is that I pursued a conscious strategy of managing my opportunities in a way that would make it easier for luck to find me.”
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