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Politics : Libertarian Discussion Forum

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To: Richard Babusek who wrote (2816)	5/12/1999 2:32:00 PM
From: Don Lloyd	Read Replies (1) of 13062

Richard - (...How does the benevolent counterfeiter differ from the nanny state? In a very real way, a more pure form of “welfare” could be accomplished by just printing the money needed to provide for the needy. No intervention into others lives need be, and the unintended consequences and distortions caused thereby suffered. This method is progressive with infinite resolution. Since basically it devalues the currency, those with more pay more in exact proportion to what they have...) Your counterfeiter will not initiate the Austrian School's boom/bust cycle that occurs when new money effectively flows first into the higher order, capital goods sector leading to overly optimistic over-investment and malinvestment not supported by consumer preferences. The problems will be the same as with other welfare programs in creating corrosive disincentives for potential and actual recipients. Regards, Don

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