It is simply a matter of time before the Federal Reserve finds itself having to choose between inflation and federal insolvency.
This Liberty Law Talk is a discussion with Samuel Gregg about his most recent book, Becoming Europe: Economic Decline, Culture, and How America Can Avoid a European Future. Recent events in Cyprus, to say nothing of the economic stasis that envelopes much of Europe, highlight America’s need to think deeply about the current trajectory of our fiscal and entitlements policies, among other weighty matters. Gregg’s book, however, is not merely a rehashing of dire spending problems and bankrupting entitlements and the predictably poorer future this promises, but is a discussion of the social and cultural commitments that are required to make economic freedom a reality in America. The erosion of these norms within Europe has made it much easier for the array of dirigiste economic policies pursued by so many nations on that continent. The good news, Gregg informs, is that we aren’t quite Europe. To avoid its fate America must reexamine the foundations of its own economic success and renew its commitment to them.
Additional Law & Liberty links: Theodore Dalrymple’s review of Becoming Europe.