Saturday, February 7, 2009

E-mail to Radio Announcer Mark Simone

Dear Mark--I was listening to you on my way to NYC from Woodstock, NY. I teach at Brooklyn College. I heard a caller call in somewhat stridently claiming the need for stimulus. You did not question him. His claims about the Great Depression having been resolved by the heavy borrowing of World War II went unrefuted. This is bad.

You cannot cure America's addiction to socialism if you accept socialist monetary and business cycle theory, i.e., Keynesian economic theory. There is no reason to. Keynesian theory was refuted in the 1970s by Milton Friedman. Your caller, and today's economists, and the media, and all advocates of stimulus, the bail out and the recent inflationary monetary expansion by the socialist Bernanke Fed and Ol' Hammer and Sickle George W. Bush (not to mention his Comintern follower, Goosestepping Socialist Barack Obama) are all ignorant fools.

There is no need for stimulus. Stimulus is not the solution. It is the problem. Unemployment did not become a major problem until AFTER the creation of the Fed and stimulus. In a system of free banking and a gold standard business cycles would be muted. They only exist because of the banking system and stimulus. Trying to cure today's problems with government spending, inflation and stimulus is like trying to cure cancer by drinking a bottle of chlorine.

You might consider inviting a guest from the Cato Institute or my old friend Howard S. Katz at ( and to educate your listeners about a more realistic approach to the business cycle than the socialist crap that has become a single chorus Democratic and Republican Hammer and Sickle version of L'Internationale.

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