“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.”
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
Any informed borrower is simply less vulnerable to fraud and abuse.
I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
Look, I'm very much in favor of tax cuts, but not with borrowed money. And the problem that we've gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money, and at the end of the day that proves disastrous. And my view is I don't think we can play subtle policy here.
