Daniel Hannan on Bailouts

June 5, 2009

Or maybe it’s Daniel Hannan on stimulus spending.  Either way, an excellent one-minute of video.

Quotable:

In order to pump money into the economy, you first have to suction that money out of the economy.  The one-sided way in which we discuss this reached a pinnacle at the recent G20 summit when leaders of the world boasted of having injected a trillion dollars into the world economy.  Where did it come from, if not, in the broader sense, from the world economy?  Saturn’s rings?

If we’re all better with state officials deciding how to spend our wealth, we would have lost the Cold War and we’d be holding this debate in Russian.

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