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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (71844)	12/24/2009 12:20:42 PM
From: shades	Read Replies (1) of 74559

"California Governor Arnold Schwarzenegger, anticipating a $21 billion budget deficit, plans to ask President Barack Obama to ease mandates and minimums on social programs to save as much as $8 billion." Arnold didn't read his German History Books: Hitler stressed on May 31, 1933, that the Reich budget must be balanced. A balanced budget meant reducing expenditures on social programs, because Hitler intended to reduce business taxes to promote needed private investment. To avoid reducing social programs, a large work program without deficit spending had to be financed outside of the Reich budget. Hitler resorted to “pre-financing” (Vorfinanzierung) by means of “work-creation bills” (Arbeitsbeschaffungswechseln), a classic response of using monetary measures to deal with a fiscal dilemma.. Nazi economic experts understood that sovereign credit creation for purposes of job creation posed no inflationary threat and that it would be a far more responsible policy than the conservative approach of tax increases and welfare cuts to balance government budgets. henryckliu.com

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