Too Big to Fail?
The argument is familiar. Just like AIG and General Motors, California says it is too big to fail. And once again, I say: LET IT FAIL . Let’s stop the bullshit, printing fake money so we can try to pump life into zombie banks, insurers, automakers, and states – all at taxpayer expense. Let’s talk about inflation for a moment. Let’s talk about letting the markets correct themselves, painful as that may seem to be. I’ve watched a few of those Zombie movies. And I know that you cannot stop the Zombies by appeasing them with money. The only way to stop them is to chop off their heads . The fiscal equivalent is to let the big insurers, banks, automakers – and even states, take bankruptcy and reorganize. It’s not the end of the world, and it isn’t the taxpayer’s mandate to shore up institutions who don’t understand basic fiscal responsibility. Don’t we remember “The Boy Who Cried ‘Wolf’”? Inflation is seldom defined. Inflation is simply a decline in the value of mone...