The Coming Age of Austerity

The Coming Age of Austerity

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“Are the good times really over for good?” asked Merle Haggard in his 1982 lament. Then, the good times weren’t over. In fact, they were coming back, with the Reagan recovery, the renewal of the American spirit and the end of a Cold War that had consumed so much of …

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Why Congress Is Held in Contempt

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“I’ve got a pen,” said President Obama early this week. “I can use that pen to sign executive orders and take executive actions … that move the ball forward.” “When I can act on my own without Congress, I’m going to do so,” the president added Wednesday at North Carolina …

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The True Believer

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Last May, Ron Paul filed his financial disclosure form, and The Wall Street Journal enlisted financial analyst William Bernstein to scrutinize his investments. “Paul’s portfolio isn’t merely different,” said an astonished Journal, “it’s shockingly different.” Twenty-one percent of his $2.4 to $5.5 million was in real estate, 14 percent in …

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A Conspiracy of Counterfeiters

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“Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.” “Lenin was certainly right,” John Maynard Keynes continued in …

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Who’s Really Downgrading America?

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The decision by Standard & Poor’s to strip the United States of its AAA credit rating, for the first time, has triggered a barrage of catcalls against the umpire from the press box and Obamaites. S&P, we are reminded, was giving A ratings to banks like Lehman Brothers, whose books …

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The Long Retreat of Liberalism

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Though President Obama has run rings about the Republican Party in the debt-ceiling debate, that party can yet emerge victorious, if it will stick to its guns. Clearly, the Republican strategy was not thought through, when the party chose the debt ceiling as the legislative terrain on which to fight …

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Obama’s Dilemma — and Ours

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Seventy-one years ago this spring, after the German army had broken through the French lines, British Prime Minister Winston Churchill flew to France to consult his embattled allies on how to stop the advance. “Where is the strategic reserve?” Churchill urgently asked the French commander in chief, Gen. Maurice Gamelin, …

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The Dirty Old Man and the IMF

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by Patrick J. Buchanan Saturday was a bad day for the New World Order. New York police boarded the first-class cabin of an Air France jet bound for Paris to collar Dominique Strauss-Kahn, the head of the International Monetary Fund, a Grand Master of the Universe and the Socialist Party’s …

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