Let's compare depressions

Walter Williams has a link to an incredible article describing the Great Depression's causes and parallels to today's fiscal insanity. This is a long article, and well worth the time.

snippet from end of article:

...All this raises many issues economists have long debated:
Who or what should determine a nation’s supply of money? Why do governments so regularly
mismanage it? What is the connection between fiscal and monetary policy?

Suffice it to say here that governments inflate because their appetite for revenue
exceeds their willingness to tax or their ability to borrow. British economist John Maynard Keynes was an influential charlatan in many ways, but he nailed it when he wrote, “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.” ...

...Today’s slow-motion dollar depreciation, with consumer prices rising at persistent but
mere single-digit rates, is just a limited version of the same process.

Government spends, runs deficits and pays some of its bills through the inflation tax.

How long it can go on is a matter of speculation, but trillions in national debt and politicians who
make misers of drunken sailors and get elected by promising even more are not factors that
should encourage us. I nflation is very much with us but it must end someday. A currency’s
value is not bottomless. Its erosion must cease either because government stops its reckless
printing or prints until it wrecks the money.

But surely, which way it concludes will depend in large measure on whether its victims
come to understand what it is and where it comes from. Meanwhile,
our economy looks like a roller coaster because Congresses, Presidents and the agencies
they’ve empowered never cease their monetary mischief. ...

Krauthammer gets it right

From the Washington Post

By Charles Krauthammer
Friday, March 13, 2009; A17

Last week, the White House invited me to a signing ceremony overturning the Bush (43) executive order on stem cell research. I assume this was because I have long argued in these columns and during my five years on the President's Council on Bioethics that, contrary to the Bush policy, federal funding should be extended to research on embryonic stem cell lines derived from discarded embryos in fertility clinics.

I declined to attend. Once you show your face at these things you become a tacit endorser of whatever they spring. My caution was vindicated.

President Bush had restricted federal funding for embryonic stem cell research to cells derived from embryos that had already been destroyed (as of his speech of Aug. 9, 2001). While I favor moving that moral line to additionally permit the use of spare fertility clinic embryos, President Obama replaced it with no line at all. He pointedly left open the creation of cloned -- and noncloned sperm-and-egg-derived -- human embryos solely for the purpose of dismemberment and use for parts.

I am not religious. I do not believe that personhood is conferred upon conception. But I also do not believe that a human embryo is the moral equivalent of a hangnail and deserves no more respect than an appendix. Moreover, given the protean power of embryonic manipulation, the temptation it presents to science and the well-recorded human propensity for evil even in the pursuit of good, lines must be drawn. I suggested the bright line prohibiting the deliberate creation of human embryos solely for the instrumental purpose of research -- a clear violation of the categorical imperative not to make a human life (even if only a potential human life) a means rather than an end.

On this, Obama has nothing to say. He leaves it entirely to the scientists. This is more than moral abdication. It is acquiescence to the mystique of "science" and its inherent moral benevolence. How anyone as sophisticated as Obama can believe this within living memory of Mengele and Tuskegee and the fake (and coercive) South Korean stem cell research is hard to fathom.

That part of the ceremony, watched from the safe distance of my office, made me uneasy. The other part -- the ostentatious issuance of a memorandum on "restoring scientific integrity to government decision-making" -- would have made me walk out.

Restoring? The implication, of course, is that while Obama is guided solely by science, Bush was driven by dogma, ideology and politics.

What an outrage. Bush's nationally televised stem cell speech was the most morally serious address on medical ethics ever given by an American president. It was so scrupulous in presenting the best case for both his view and the contrary view that until the last few minutes, the listener had no idea where Bush would come out.

Obama's address was morally unserious in the extreme. It was populated, as his didactic discourses always are, with a forest of straw men. Such as his admonition that we must resist the "false choice between sound science and moral values." Yet, exactly 2 minutes and 12 seconds later he went on to declare that he would never open the door to the "use of cloning for human reproduction."

Does he not think that a cloned human would be of extraordinary scientific interest? And yet he banned it.

Is he so obtuse as not to see that he had just made a choice of ethics over science? Yet, unlike Bush, who painstakingly explained the balance of ethical and scientific goods he was trying to achieve, Obama did not even pretend to make the case why some practices are morally permissible and others not.

This is not just intellectual laziness. It is the moral arrogance of a man who continuously dismisses his critics as ideological while he is guided exclusively by pragmatism (in economics, social policy, foreign policy) and science in medical ethics.

Science has everything to say about what is possible. Science has nothing to say about what is permissible. Obama's pretense that he will "restore science to its rightful place" and make science, not ideology, dispositive in moral debates is yet more rhetorical sleight of hand -- this time to abdicate decision-making and color his own ideological preferences as authentically "scientific."

Dr. James Thomson, the pioneer of embryonic stem cells, said "if human embryonic stem cell research does not make you at least a little bit uncomfortable, you have not thought about it enough." Obama clearly has not.