Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“Five years of Prohibition have had, at least, this one benign effect: they have completely disposed of all the favorite arguments of the Prohibitionists. None of the great boons and usufructs that were to follow the passage of the Eighteenth Amendment has come to pass. There is not less drunkenness in the Republic, but more. There is not less crime, but more. There is not less insanity, but more. The cost of government is not smaller, but vastly greater. Respect for law has not increased, but diminished.”     H. L. Mencken

March 19, 2009

Quote Of The Day

by Brad Warbiany

I was talking to a coworker this morning about the stock market and the Fed’s injection of $1.2T newly-printed money into the economy. I made a point that I think bears repeating:

The stock market can lose value, while going up.

This is the insidious nature of inflation. They’ll inject this money and nominal prices will move up (houses, DJIA, S&P500, etc) — at which point they’ll claim that they’re fixing the economy.

Just like Germany did in the early 1920′s.

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  1. Taken literally, with regards to inflation, your statement is true.

    However, if you factor in how the stock market is perceived, what we THINK it is worth, that is even more true.

    Comment by Merf — March 19, 2009 @ 1:02 pm
  2. DUDE you are soooo right. The little unspoken secret by Wall Street and the Media and the Government is how bad the last 2 years of stock market delcines had truly been when comnined with the loss of value in the dollar.

    The current temporary and confusing circumstance of the dollar being the least weak currency aside.

    Comment by persnickety curmudgeon — March 22, 2009 @ 6:21 am

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