Sublime

Bank profits derive mainly from credit expansion, so they will tend to inflate credit as much as they can until they are checked.

The “boom-bust” cycle is generated by monetary intervention in the market, specifically bank credit expansion to business.

Governments exist to a large extent to solve problems that markets cannot solve—we

Keynes turned conventional economics on its head by looking not at the behavior of individual firms, but at entrepreneurs’ feelings about risk and uncertainty, and how they would ride the flows of capital.

The market, therefore, provides a training ground for the reward and expansion of successful, far-sighted entrepreneurs and the weeding out of inefficient businessmen.

As we have said at several points, government’s principal economic function from the perspective of those who pay the taxes is to provide protection of life and property. Yet the government often operates like organized crime, extracting resources from people within its sphere of operations as tribute or plunder. Government is not only a protection