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The View from 1776 presents a framework to understand present-day issues from the viewpoint of the colonists who fought for American independence in 1776 and wrote the Constitution in 1787. Knowing and preserving those understandings, what might be called the unwritten constitution of our nation, is vital to preserving constitutional government. Without them, the bare words of the Constitution are just a Rorschach ink-blot that politicians, educators, and judges can interpret to mean anything they wish.

"We have no government armed with the power capable of contending with human passions, unbridled by morality and true religion. Our constitution is made only for a moral and religious people. It is wholly inadequate to the government of any other." John Adams, to the Officers of the First Brigade, Third Division, Massachusetts Militia, October 11, 1798.

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Monday, July 26, 2010

The Daily Socialist - 7/20/10

Is there a case for Keynes’s “liquidity trap?"

Keynes believed, and apparently Paul Krugman agrees, that failure of individuals and businesses to spend all their cash during a recession is bad, that government must intervene with large-scale deficit spending.  Individuals’ and private businesses’ failure to spend is what Keynes damned as saving.  Oddly, he also identified government deficit spending as savings, or what Democrat/Socialists call investment.