To: Zeev Hed who wrote (4633 ) 11/10/2001 3:03:34 PM From: que seria Read Replies (1) | Respond to Being a libertarian (small "l") myself, yet sharing your concern about the impact upon my fellow citizens, I understand your conflicted feelings on the matter. No civilized person embraces suffering of the innocent, and I would say most consumers are innocent of the level of excess that market corrections are thought to "punish." I put most responsibility on the party-throwers in the Fed and gov't. True, no one forced folks to spend up to whatever lifestyles they chose. True, persons must take responsibility for their own actions. the need to discipline the "profligate consumer" into "sunbmission. I agree that We do that, and we will have not a disciplined consumer, but a chastised one. Still, I agree with Noland because I can't see that the ultimate "net" misery is reduced by continuing stimulation that prolongs adjustments and thus misery. I fear a long and miserable Japanese-style wringing-out of excesses (much easier but more painful here than there, given our system). If that fails, all that's left would be an eventual resort to what some recommended for Japan--just print currency and inject as needed to move off deflation.
