Britannia Radio

- Spending Other People's Money

 (by Don Boudreaux) 

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- Socialism 

(by Russell Roberts) 

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- Keynes on Inflation 

(by Don Boudreaux) 

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Spending Other People's Money (by Don
Boudreaux)<http://www.cafehayek.com/hayek/2009/06/spending-other-peoples-money.html>

Posted: 06 Jun 2009 03:50 AM PDT

Another gem from
Reason.tv<http://www.youtube.com/swf/l.swf?iurl=http%3A%2F%2Fi4.ytimg.com%2Fvi%2FgYTjiIm4h_Q%2Fhqdefault.jpg&fexp=903800%2C903203%2C900071&rel=1&title=Free%2A+Government+Money+With+Matthew+Lesko%21&avg_rating=4.96391752577&video_id=gYTjiIm4h_Q&length_seconds=38&allow_embed=1&swf=http%3A%2F%2Fs.ytimg.com%2Fyt%2Fswf%2Fcps-vfl101326.swf&sk=MicEGe1xTbtSK64ghd2AKc1gwlIO2gw4C&fs=1&allow_ratings=1&hl=en&cr=US&eurl=>
.

Socialism (by Russell
Roberts)<http://www.cafehayek.com/hayek/2009/06/socialism.html>

Posted: 05 Jun 2009 02:02 PM PDT

The left stole the term "liberalism." Maybe the fans of emergent order can
steal "socialism.

"<http://www.wired.com/culture/culturereviews/magazine/17-06/nep_newsocialism>
Richard Sprague
thinks

<http://blog.richardsprague.com/2009/05/digital-socialism-capitalism.html>

it would be wrong and he's right. But I kind of like the idea of
turnabout.

Keynes on Inflation (by Don
Boudreaux)<http://www.cafehayek.com/hayek/2009/06/keynes-on-inflation.html>

Posted: 05 Jun 2009 04:45 AM PDT

On this day in 1883 

John Maynard Keynes

<http://www.econlib.org/library/Enc/bios/Keynes.html>

was born.
(And in something of an irony, it is also the day listed as Adam
Smith 

<http://www.econlib.org/library/Enc/bios/Smith.html>'s

 birthday, for
it is the day he was baptized in the year of his birth, 1723.)

Here's one of Keynes's keenest insights, from pages 220-233 of *The Economic
Consequences of the
Peace<http://www.amazon.com/Economic-Consequences-Peace-Maynard-Keynes/dp/1604506415/ref=sr_1_1?ie=UTF8&s=books&qid=1244202189&sr=1-1>
* (1919):
By a continuing process of inflation, governments can confiscate, secretly
and unobserved, an important part of the wealth of their citizens. By this
method, they not only confiscate, but they confiscate *arbitrarily*; and,
while the process impoverishes many, it actually enriches some. The sight
of this arbitrary rearrangement of riches strikes not only at security, but
at confidence in the equity of the existing distribution of wealth. Those
to whom the system brings windfalls . . . become 'profiteers', who are the
object of the hatred of the bourgeoisie, whom the inflationism has
impoverished not less than the proletariat. As the inflation proceeds . . .
all permanent relations between debtors and creditors, which form the
ultimate foundation of capitalism, become so utterly disordered as to be
almost meaningless.