Happy 100th Birthday to Ronald Reagan

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Happy 100th Birthday to Ronald Reagan

February 6, 2011 by Dan Mitchell

On the 30th anniversary of his inauguration, I posted a bunch of videos that captured Ronald Reagan’s greatness, but I think we need only one for the 100th anniversary of his birth.

This video illustrates Reagan’s superior understanding of fiscal policy. He points out how the Keynesian economists and politicians were profoundly wrong when they claimed the dramatic reduction in government spending after World War II would cause a deep downturn.

He also explains that the real goal is liberty. And he favorably cites the other great President of the 20th century.

We are so lucky that he was there, in the right place at the right time, and saved the western world.

Posted in Reagan | Tagged Ronald Reagan | 146 Comments

146 Responses

on December 5, 2022 at 6:46 pm Federal Taxes: 1958 and 2019 | The Daily Hatch

[…] no secret that I’m a huge fan of Ronald […]
on November 21, 2022 at 10:20 pm Dan Mitchell: The great Milton Friedman repeatedly explained that rising prices are an inevitable consequence of easy-money policies by central banks! | The Daily Hatch

[…] no secret that I’m a huge fan of Ronald […]
on October 1, 2022 at 7:22 pm Dan Mitchell: The Federal Reserve deserves the blame for inflation! | The Daily Hatch

[…] no secret that I’m a huge fan of Ronald […]
on September 19, 2022 at 6:03 am Three (at least) forms of conservatism – Steve Prestegard.com: The Presteblog

[…] of of free markets and limited government works anywhere and everywhere it is tried. And he was right that big government is bad […]
on August 11, 2022 at 6:41 pm Dan Mitchell: Small Government Is Good Policy…and Good Politics | The Daily Hatch

[…] certainly does not seems to fit with Reagan’s message in this video, this video, or the second video from this […]
on August 11, 2022 at 3:41 pm Small Government Is Good Policy…and Good Politics | International Liberty

[…] certainly does not seems to fit with Reagan’s message in this video, this video, or the second video from this […]
on August 4, 2022 at 5:18 pm Dan Mitchell article The Absurdly Named Inflation Reduction Act | The Daily Hatch

[…] no secret that I’m a huge fan of Ronald […]
on July 15, 2022 at 5:13 pm Dan Mitchell “I think [President Biden’s] main problem is this chart, courtesy of the Atlantic‘s Derek Thompson, which shows that prices are rising faster than earnings for the average American income!” | The Daily Hatch

[…] no secret that I’m a huge fan of Ronald […]
on July 4, 2022 at 3:44 pm Dan Mitchell article What Americans Celebrate on July 4 | The Daily Hatch

[…] This video I posted in 2011 is my favorite Reagan clip, but here’s a video that also is very much worth watching. […]
on June 26, 2022 at 7:06 pm Dan Mitchell notes, “Allison Schrager of the Manhattan Institute wrote for the City Journal that Biden is on the wrong side and that his mistake, along with others, is failing to understand that so-called stakeholders benefit when companies are prof

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on June 25, 2022 at 10:05 am Dan Mitchell: Milton Friedman was advocating what is sometimes referred to as “shareholder capitalism,” which is the notion that a company should strive to earn honest profits for its owners! | The Daily Hatch

[…] no secret that I’m a huge fan of Ronald […]
on June 15, 2022 at 7:29 pm This past article below from Dan Mitchell tells the story of Ronald Reagan’s successful strategy against inflation. I had a front row seat since I got to read the book and see the film FREE TO CHOOSE by Milton Friedman in 1980 who Reagan agreed with on

[…] no secret that I’m a huge fan of Ronald […]
on June 12, 2022 at 3:27 pm Dan Mitchell: “Rising prices and falling income under Jimmy Carter’s gave us Ronald Reagan, so bad policy indirectly led to a good outcome. As of now, it’s unclear if there’s a new version of Reagan to rescue us from today’s version of stag

[…] only enough to have experienced America’s national rejuvenation under Reagan, you can click here, here, and here to see “the Gipper” in […]
on June 12, 2022 at 10:33 am Jimmy Carter and Joe Biden | International Liberty

[…] only enough to have experienced America’s national rejuvenation under Reagan, you can click here, here, and here to see “the Gipper” in […]
on June 8, 2022 at 9:03 pm How Ronald Reagan Rescued Bill Clinton’s Presidency | The Daily Hatch

[…] quite as good as this video, and it’s not even good enough to get added to this collection of Reagan videos, but it is a good […]
on May 31, 2022 at 9:34 pm Dan Mitchell: “…intervention by politicians and bureaucrats almost always leads to bad outcomes!” | The Daily Hatch

[…] Friedman famously noted that, “Nothing is so permanent as a temporary government program”and Ronald Reagan sagely observed that “a government bureau is the nearest thing to eternal life we’ll ever see […]
on April 28, 2022 at 10:59 pm A Second Look at Warren Harding – The Crow's Nest

[…] I’ve repeatedly heaped praise on Ronald Reagan. […]
on March 4, 2022 at 8:58 pm Dan Mitchell “Biden has embraced a reckless Bernie Sanders-type agenda of budget profligacy, class-warfare taxes, regulatory excess, and crass protectionism that is too extreme for sane people on the left” | The Daily Hatch

[…] quite as good as this video, and it’s not even good enough to get added to this collection of Reagan videos, but it is a good […]
on March 4, 2022 at 6:24 pm San Mitchell “Biden has embraced a reckless Bernie Sanders-type agenda of budget profligacy, class-warfare taxes, regulatory excess, and crass protectionism that is too extreme for sane people on the left” | The Daily Hatch

[…] quite as good as this video, and it’s not even good enough to get added to this collection of Reagan videos, but it is a good […]
on February 10, 2022 at 8:44 am The Excellent Fiscal Policy of Warren Harding | International Liberty

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on January 12, 2022 at 6:00 pm Musk invokes Milton Friedman in condemnation of Biden spending bill ‘trickery’ Milton Friedman: “Nothing is so permanent as a temporary government program” | The Daily Hatch

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on January 9, 2022 at 3:02 pm Dan Mitchell article: The Case for Capitalism, Part VI | The Daily Hatch

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on December 5, 2021 at 12:18 pm The Best President in Recent History | International Liberty

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[…] P.P.S. For younger readers who did not experience the Reagan years, here’s my assessment of his record and here are some videos of some of his iconic remarks (and here’s a bonus video). […]
on March 11, 2021 at 9:33 am The World’s Most Politically Illiterate Statement | International Liberty

[…] P.P.S. For younger readers who did not experience the Reagan years, here’s my assessment of his record and here are some videos of some of his iconic remarks (and here’s a bonus video). […]
on January 19, 2021 at 2:15 am My rough draft letter to President Elect Biden that will be mailed on April 2, 2021! (Part 73) Thomas Sowell: Politicians Should Only “Do Something” If that Means Doing Less | The Daily Hatch

[…] and rebounded precisely because politicians didn’t revive the New Deal (and, as you can see from this video, President Reagan understood this bit of economic […]
on December 29, 2020 at 6:51 am Dan Mitchell’s article: Economic Growth and the “Size of the Pie” | The Daily Hatch

[…] any of those candidates have given these remarks, at least with any […]
on November 21, 2020 at 4:55 am My rough draft letter to President Elect Biden that will be mailed on February 2, 2021! (Part 14) Some people doubt that Ronald Reagan conservatism still works today like it did in the 1980′ | The Daily Hatch

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on November 9, 2020 at 6:02 pm Daniel Mitchell OF CENTER FOR FREEDOM AND PROSPERITY article Biden’s Policy to Increase the Tax Burden on Investment, Wages, and Job Creation | The Daily Hatch

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[…] of of free markets and limited government works anywhere and everywhere it is tried. And he was right that big government is bad […]
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on May 22, 2015 at 1:11 am FRIEDMAN FRIDAY Milton Friedman rightly pointed out that the crisis of the Great Depression was not a failure of the free market system but of government and Dan Mitchell concurs!!! | The Daily Hatch

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on April 10, 2015 at 5:17 pm GUEST AUTHOR: Very Wise Words from President Eisenhower…with a Humorous Twist | Self-Reliance Central

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[…] had a much greater depth of knowledge than even supporters realize. Which also can be seen in this clip of Reagan explaining why the Keynesians were wrong about a return to Depression after World War […]
on January 25, 2015 at 7:25 pm Ronald Reagan’s Most Under-Appreciated Triumph - The Liberty Herald

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on October 29, 2014 at 1:08 am Open letter to President Obama (Part 702) Some people doubt that Ronald Reagan conservatism still works today like it did in the 1980′ | The Daily Hatch

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on April 10, 2014 at 12:11 am Open letter to President Obama (Part 558) Dan Mitchell reflects on Margaret Thatcher’s life | The Daily Hatch

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on January 14, 2014 at 1:37 am Open letter to President Obama (Part 496) (Challenge for Keynesian Anti-Sequester Hysterics: Why Did America’s Economy Boom When Reagan and Clinton Reduced the Burden of Spending?) | The Daily Hatch

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on January 6, 2014 at 1:13 am Open letter to President Obama (Part 490) (includes editorial cartoon) | The Daily Hatch

[…] If you want to be inspired, click here and here to see two short clips of Reagan in […]
on November 25, 2013 at 1:54 am The Naval Versions of Reagan, Clinton, and Obama

[…] I’m a big fan of the Gipper, and I’ve shared several inspirational Reagan videos (see here, here, and here). So I’m understandably appreciative of the USS […]
on November 24, 2013 at 10:20 pm The Naval Versions of Reagan, Clinton, and Obama « Sago

[…] know I’m a big fan of the Gipper, and I’ve shared several inspirational Reagan videos (see here, here, and here). So I’m understandably appreciative of the USS […]
on November 23, 2013 at 11:07 am The Naval Versions of Reagan, Clinton, and Obama | International Liberty

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on November 19, 2013 at 11:23 am Is Obama is “One of the Best Presidents Ever”? | International Liberty

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on September 12, 2013 at 12:33 am Open letter to President Obama (Part 406) Reagan and Clinton put you to shame when it comes to creating jobs | The Daily Hatch

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on July 15, 2013 at 1:46 am Dan Mitchell: Question of the Week: “Dan, Why Do You Hate Republicans?” | The Daily Hatch

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[…] Friedman famously noted that, “Nothing is so permanent as a temporary government program”and Ronald Reagan sagely observed that “a government bureau is the nearest thing to eternal life we’ll ever see […]
on July 1, 2013 at 2:26 pm What’s the Half-Life of a “Temporary” Tax Increase? | International Liberty

[…] famously noted that, “Nothing is so permanent as a temporary government program”and Ronald Reagan sagely observed that “a government bureau is the nearest thing to eternal life we’ll […]
on June 24, 2013 at 5:55 pm Some Much-Needed Remedial Public Finance Economics for David Cameron and other Statists | International Liberty

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on June 3, 2013 at 7:20 am Ronald Reagan Republicans will win big in 2014 like they did in 1980′s | The Daily Hatch

[…] any of those candidates have given these remarks, at least with any […]
on June 2, 2013 at 12:09 pm Question of the Week: What’s My Take on “Reform Conservatism”? | International Liberty

[…] any of those candidates have given these remarks, at least with any credibility? Or made these comments in a sincere fashion? It’s much more […]
on May 24, 2013 at 7:00 am Reagan quote is a warning to us today (complete list of previous cartoons) | The Daily Hatch

[…] you want some inspiration from Ronald Reagan, these brief remarks reveal his understanding of both economics of history (especially with regards to the other great […]
on May 14, 2013 at 7:44 am Open letter to President Obama (Part 318) | The Daily Hatch

[…] and rebounded precisely because politicians didn’t revive the New Deal (and, as you can see from this video, President Reagan understood this bit of economic […]
on May 2, 2013 at 7:27 am If you want the rich to pay a bigger percentage of the nation’s tax revenues then keep their tax rates low!!! | The Daily Hatch

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on April 27, 2013 at 1:12 am The stimulus program did not help, but getting government out of the way would!!!! | The Daily Hatch

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[…] If you want to be inspired, click here and here to see two short clips of Reagan in […]
on April 8, 2013 at 10:07 am Dan Mitchell’s tribute to Margaret Thatcher | The Daily Hatch

[…] If you weren’t sufficiently inspired by Thatcher’s words, here’s Reagan’s tribute to Coolidge and also a memorable passage from his inaugural […]
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[…] If you weren’t sufficiently inspired by Thatcher’s words, here’s Reagan’s tribute to Coolidge and also a memorable passage from his inaugural […]
on March 20, 2013 at 12:08 pm Obama makes me long for the good ole days when the economy was expanding (includes editorial cartoon) | The Daily Hatch

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on February 26, 2013 at 2:33 pm A Warning from Ronald Reagan | International Liberty

[…] you want some inspiration from Ronald Reagan, these brief remarks reveal his understanding of both economics of history (especially with regards to the other great […]
on February 25, 2013 at 6:24 am The Sunday ‘Report;’ 02/24/2013; Part 1 | Justincase505's Blog

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on January 15, 2013 at 8:07 am Reagan and Clinton put Obama to shame when it comes to creating jobs « HaltingArkansasLiberalswithTruth

[…] was no Reagan, to be sure, and the anti-government Congress that took power after the 1994 elections may deserve […]
on January 7, 2013 at 2:04 pm An Amusing Comparison: Obama vs Reagan and Clinton « International Liberty

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on November 13, 2012 at 8:25 am Open letter to Speaker of the House John Boehner (Part 6) « HaltingArkansasLiberalswithTruth

[…] I periodically share two great Reagan videos, which can be seen here and here, but I also have a couple of inspiring videos of Thatcher in action, which can be viewed here and […]
on November 6, 2012 at 12:22 pm Here’s What a Great Election Night Looks Like « International Liberty

[…] already expressed my view that Ronald Reagan was the greatest President of the past 100 years. Indeed, his only competition is from Calvin […]
on September 27, 2012 at 8:02 am Economic Conservatives and Traditional Conservatives Are – or Should Be – Natural Allies in the Fight against a Bloated Federal Government « International Liberty

[…] even if we accept that goal, I think Reagan and Bush represented different strains of conservatism. Reagan wanted to shrink the federal government because he viewed Washington as a threat to David’s “harmonious ecosystem.” In […]
on September 26, 2012 at 2:17 pm Evidence from Englands Shows that If You Want to “Soak the Rich,” Keep Tax Rates Low « International Liberty

[…] I periodically share two great Reagan videos, which can be seen here and here, but I also have a couple of inspiring videos of Thatcher in action, which can be viewed here and […]
on September 11, 2012 at 4:12 am An Invaluable Economic History Lesson from Thomas Sowell: Politicians Should Only “Do Something” If that Means Doing Less « International Liberty

[…] and rebounded precisely because politicians didn’t revive the New Deal (and, as you can see from this video, President Reagan understood this bit of economic […]
on September 8, 2012 at 7:40 pm Based on What’s Happening in the Czech Republic, Perhaps the Lesson to Learn Is that All Right-Wing Parties Are Controlled by Morons | Sago

[…] that’s why it is so rare to find right-wing politicians – such as Reagan and Thatcher – who generally do the right thing. Share and […]
on September 8, 2012 at 9:48 am Based on What’s Happening in the Czech Republic, Perhaps the Lesson to Learn Is that All Right-Wing Parties Are Controlled by Morons « International Liberty

[…] that’s why it is so rare to find right-wing politicians – such as Reagan and Thatcher – who generally do the right thing. Rate this:Share […]
on August 28, 2012 at 8:09 am Do You Trust the Republican Party to Protect, Promote, and Defend Liberty? « International Liberty

[…] only great president of my lifetime famously said “trust, but verify.” But I don’t even trust the GOP, so I […]
on August 27, 2012 at 4:48 pm The White House Is Crazy to Invite a Comparison of Job Creation under Reagan and Obama « International Liberty

[…] is that Presidents should reduce the burden of government if they want better economic performance. Saint Ronald understood this basic insight, but Barack the Destroyer somehow thinks America will be more […]
on August 16, 2012 at 12:43 pm Romney’s Disingenuous Mediscare Attack « International Liberty

[…] of you may be wondering why I would say such a thing. After all, I periodically express my profound admiration for Ronald Reagan (as well as my appreciation for the only other good President of the past 100-plus […]
on July 25, 2012 at 2:33 pm The United Kingdom Is Royally /*@#$&;^%*( « International Liberty

[…] “the poor poorer.” Sort of the same feeling I get when I watch the Gipper talking about Washington being a “company town” and the “unnecessary and excessive growth of […]
on July 18, 2012 at 7:45 am Open letter to President Obama (Part 116.3) « HaltingArkansasLiberalswithTruth

[…] Most people know that Ronald Reagan was an actor before he became a great President. […]
on July 5, 2012 at 10:34 am Open letter to President Obama (Part 100) « HaltingArkansasLiberalswithTruth

[…] add, that Mitt Romney or Rick Santorum would be any better. Both of them seem closer to Bush than Reagan, so it’s not clear they would make any substantive changes in the burden of the federal […]
on July 5, 2012 at 10:16 am An Independence Day Message from a Great President | Sago

[…] video I posted in 2011 is my favorite Reagan clip, but here’s a video that also is very much worth […]
on July 4, 2012 at 11:16 am An Independence Day Message from a Great President « International Liberty

[…] video I posted in 2011 is my favorite Reagan clip, but here’s a video that also is very much worth […]
on July 4, 2012 at 7:52 am Open letter to President Obama (Part 98) « HaltingArkansasLiberalswithTruth

[…] than my ongoing adulation for Ronald Reagan, occasional praise for Calvin Coolidge, and one post about John F. Kennedy, I don’t have many […]
on May 18, 2012 at 6:39 am President Obama should go into movies after being kicked out of office this November!!! « HaltingArkansasLiberalswithTruth

[…] Most people know that Ronald Reagan was an actor before he became a great President. […]
on May 16, 2012 at 7:03 am Data in New World Bank Report Shows that Large Public Sectors Reduce Economic Growth | Cato @ Liberty

[…] Ronald Reagan said that big government undermined the economy, some people dismissed his comments because of his philosophical belief in […]
on May 9, 2012 at 12:08 pm Next Career Move for President Obama: Becoming a Movie Star! « International Liberty

[…] Most people know that Ronald Reagan was an actor before he became a great President. […]
on May 1, 2012 at 9:46 am The Moral Case for Capitalism and Small Government « International Liberty

[…] important to put things in terms ordinary people can understand. That, I believe, is what made Reagan so effective. And it’s what I try to do with this blog (albeit on a much more limited level). […]
on April 20, 2012 at 9:30 am Choosing a President: The Long-Awaited Dan Mitchell Endorsement « International Liberty

[…] teenager when I wanted Jimmy Carter to beat Gerald Ford. I figured that was the best way of getting Ronald Reagan. Rate this: Share this:PrintEmailFacebookTwitterMoredeliciousDiggFarkLinkedInRedditStumbleUponLike […]
on March 31, 2012 at 7:58 am More Much-Deserved Abuse of the Political Class by Leno, Letterman, and the Rest of the Late-Night Gang « International Liberty

[…] Even the ones we like should be subject to ridicule. Elected officials often get very egotistical because they spend all day being flattered by lobbyists. Our role is to make sure there’s a countervailing force. […]
on March 21, 2012 at 3:10 pm Barack Obama on Mount Rushmore? « HaltingArkansasLiberalswithTruth

[…] than my ongoing adulation for Ronald Reagan, occasional praise for Calvin Coolidge, and one post about John F. Kennedy, I don’t have many […]
on March 20, 2012 at 1:12 pm An Indictment of Barack Obama’s Economic Record – Daniel J. Mitchell – Townhall Finance Conservative Columnists and Financial Commentary « Gds44's Blog

[…] add, that Mitt Romney or Rick Santorum would be any better. Both of them seem closer to Bush than Reagan, so it’s not clear they would make any substantive changes in the burden of the federal […]
on March 19, 2012 at 2:49 pm An Indictment of Barack Obama’s Economic Record « International Liberty

[…] add, that Mitt Romney or Rick Santorum would be any better. Both of them seem closer to Bush than Reagan, so it’s not clear they would make any substantive changes in the burden of the federal […]
on March 19, 2012 at 8:27 am A Simple Choice: Barack Obama or Rutherford Hayes? « International Liberty

[…] than my ongoing adulation for Ronald Reagan, occasional praise for Calvin Coolidge, and one post about John F. Kennedy, I don’t have many […]
on March 5, 2012 at 11:16 am How to Reconcile Liberty, Morality, Conservatism, and Libertarianism with Carney’s Fusionist Theorem | Sago

[…] a libertarian who became interested in public policy because of Ronald Reagan, it won’t surprise you to know that I’m more of a “right libertarian” than “left […]
on March 5, 2012 at 10:23 am How to Reconcile Liberty, Morality, Conservatism, and Libertarianism with Carney’s Fusionist Theorem « International Liberty

[…] a libertarian who became interested in public policy because of Ronald Reagan, it won’t surprise you to know that I’m more of a “right libertarian” than […]
on February 11, 2012 at 7:30 am New World Bank Report Shows Large Public Sectors Reduce Economic Growth. « Investment Watch Blog – 2012

[…] var addthis_config = {"data_track_addressbar":true}; When Ronald Reagan said that big government undermined the economy, some people dismissed his comments because of his philosophical belief in […]
on February 10, 2012 at 11:16 am New World Bank Report Shows Large Public Sectors Reduce Economic Growth | PERSUASION IN INK

[…] biggovernment on Feb.10, 2012, under BigGovernment When Ronald Reagan said that big government undermined the economy, some people dismissed his comments because of his philosophical belief in […]
on February 10, 2012 at 7:38 am New World Bank Report Shows Large Public Sectors Reduce Economic Growth « News « @griffinrc

[…] When Ronald Reagan said that big government undermined the economy, some people dismissed his comments because of his philosophical belief in […]
on February 10, 2012 at 7:34 am » New World Bank Report Shows Large Public Sectors Reduce Economic Growth - Big Government

[…] Ronald Reagan said that big government undermined the economy, some people dismissed his comments because of his philosophical belief in […]
on February 9, 2012 at 11:42 pm Data in New World Bank Report Shows that Large Public Sectors Reduce Economic Growth | Sago

[…] Ronald Reagan said that big government undermined the economy, some people dismissed his comments because of his philosophical belief in […]
on February 9, 2012 at 6:25 pm Recommended Reading – Thursday, February 9th | The Seen and the Unseen

[…] Data in New World Bank Repoty Shows That Large Public Sector Reduce Economic Growth (Cato Institute) […]
on February 9, 2012 at 2:18 pm Data in New World Bank Report Shows that Large Public Sectors Reduce Economic Growth « International Liberty

[…] Ronald Reagan said that big government undermined the economy, some people dismissed his comments because of his philosophical belief in […]
on February 6, 2012 at 9:09 am Happy Birthday President Reagan « International Liberty

[…] since I’ve already shared a video highlighting Reagan’s deep understanding of both economics and history, let’s watch a few clips showing his sense of […]
on January 31, 2012 at 2:40 pm A Cartoon that Sums Up the Political Situation « International Liberty

[…] what I’d really like is a candidate who could sincerely give these remarks. Or, perhaps even better, make this statement. Rate this: Share […]
on November 21, 2011 at 6:42 pm Supercommittee Fight May Reveal the GOP Is Beyond Saving | Rid Congress of RINO's

[…] even though Ronald Reagan and Calvin Coolidge are two of my heroes, now you know why I don’t consider myself a Republican. […]
on November 21, 2011 at 10:30 am » Supercommittee Fight May Reveal the GOP Is Beyond Saving - Big Government

[…] even though Ronald Reagan and Calvin Coolidge are two of my heroes, now you know why I don’t consider myself a […]
on November 19, 2011 at 11:39 am Supercommittee Fight May Tell Us Whether the GOP Is Beyond Salvage « International Liberty

[…] even though Ronald Reagan and Calvin Coolidge are two of my heroes, now you know why I don’t consider myself a […]
on November 2, 2011 at 10:40 am Today’s Republicans Should Learn from Ronald Reagan « International Liberty

[…] while it doesn’t have the substance and strength of the Gipper’s own words, the message is as appropriate in 2011 and it was in […]
on October 30, 2011 at 12:49 pm Was FDR Misguided or Malicious? « International Liberty

[…] first, I was going to post it and contrast it with this superb Reagan video and compare how one President’s policies kept America mired in a depression while the other […]
on September 28, 2011 at 8:10 am A Real-Life Welfare Queen « International Liberty

[…] his 1976 campaign for the GOP presidential nomination, Ronald Reagan popularized the notion of “welfare queens” who bilked redistribution programs for […]
on August 13, 2011 at 6:32 am This Is the Politician I Wish Was Running for President « International Liberty

[…] previous posts, I’ve linked to some great speeches by some great […]
on February 23, 2011 at 1:53 am Compared to the Reagan Era, the Bush-Obama Years Have Been a Fiscal Nightmare « The Market Center Blog

[…] February is the 100th anniversary of Ronald Reagan’s birth and I still haven’t gotten over my man-crush on the Gipper, I figured it would be interesting to […]
on February 21, 2011 at 3:42 pm Compared to the Reagan Era, the Bush-Obama Years Have Been a Fiscal Nightmare « Sago

[…] February is the 100th anniversary of Ronald Reagan’s birth and I still haven’t gotten over my man-crush on the Gipper, I figured it would be interesting to […]
on February 7, 2011 at 6:45 pm LuvBrazil

After reading The Reagan Fraud – and after posted by commenter charlie here I am starting to distrust the Ludwig Von Mises Institute. Phony tax cuts? They are dreaming! Reagan tax cuts were REAL!

But I agree somehow, Reagan was a big spender and communism, perhaps the most murderous regime ever, collapsed under its own weight and not because of Reagn bug spend policies. But austrian theory is clueless in monetary policy, I will explain here how in my opinion austrian theory actually played Keynes game bringing the MASSIVE defeat that keyesianism gave to classical liberalism

I am ultra libertarian, I state. We got a MASSIVE BEATING by Keynes and his friends because the austrian theory is so bad that Keynesianism was less destructive than austrian theory under the Great Depression.

When Mary gives her money to a bank she gives the bank SOME PAPER -a check-, she does not give the bank BILLS AND COINS. The bank does not have all the depositors money in BILLS AND COINS, any beginner student knows that. If, under a panic, Mary is afraid that the bank will go bankrupt then she will ask the bank to give her her money back in BILLS AND COINS and she will put those BILLS AND COINS under her mattress. Under such a situation SOMEONE should print BILLS AND COINS because there is a SUDDEN panicky spectacular surge in the demand for BILLS AND COINS. Giving those terrified depositors their money in BILLS AND COINS is not creating money, that is simply cashing checks -PAPER- with BILLS AND COINS.

If the Central Bank does not print those BILLS AND COINS then there will be MASSIVE bank failures. Giving people BILLS AND COINS in such a situation is not creating money, those BILLS AND COINS do not multiply themselves several times as austrians allege, they just sit under mattresses. And if the Central Bank NEVER PRINTS BILLS AND COINS then disaster will follow.

But austrians talk as if those BILLS AND COINS that Mary demands would multiply themselves creating LOOSE MONEY and “malinvestments” that will auto destruct on a Great Depression. Nonsense! When Mary puts her BILLS AND COINS under her mattress then the bank has even less BILLS AND COINS and the bank can lend even less money making the banking panic situation much worse. BILLS AND COINS are a LIMIT to credit creation, but it is nonsense to allege that BILLS AND COINS created in such an emergency situation will multiply themselves.

If BILLS AND COINS were issued by the private sector then the private sector would have found a way to print all those needed BILLS AND COINS and then to destroy them when people do not wanted anymore so much money in BILLS AND COINS. Austrian “tight money” policies actually turn SAVINGS into a DESTRUCTIVE FORCE under a panic! Not because SAVINGS are bad, but because those monetary theories are SO BAD that they actually turn savings (and investment), THE FOUNDATION OF PROSPERITY, into a DESTRUCTIVE FORCE!

Here http://www.heritage.org/Events/2010/04/The-Dollar-The-Euro-and-the-International-Monetary-Order Supply Sider Robert Mundell explains how the Federal Reserve caused the current crisis by not giving people enough money. He starts by demolishing monetarism but sadly Mundell is a DEEP thinker but a bad communicator. He admits the existence of a housing bubble.

Some very prominent Supply Siders -Arthur Laffer, Alan Reynolds, for instance- made a HUGE valuation error when they said that there was NO HOUSING BUBBLE. It was not difficult to see that there was a housing bubble; for instance , keynesian- co2 demonizing The Economist made a good analysis about the bubble.

Paul Krugman was right when he said that a huge housing bubble would “pop”. Many austrians said that too. But the keynesians being right about the existence of a bubble does not mean that keynesians are right in EVERYTHING or that their theory is not false. EXACTLY The same thing applies to austrian theory. There is nothing in Supply Side theory that forbids the existence of bubbles. Mundell himself, the biggest Supply Sider, admits the existence of a housing bubble.

I think Keynes knew about politics. He knew that in order to give colossal oppressive power and control and $trillions to the political class he needed to DEMONIZE savings; demonizing the ownership of capital has always been central to the left.

And the absurd “tight money” policies used by the FED during the Great Depression -and used again before EVERY recession- where PERFECT for turning SAVINGS into a destructive force. Extreme bad monetary theories turned SAVINGS into a DESTRUCTIVE FORCE under situations of tight money caused by the FED. Keynes only needed to write some NONSENSE theory that demonized savings and he needed to make some good recommendations -like lowering interest rates- and he would defeat Hayek because Hayek was making things EVEN WORSE by recommending MORE of what triggered the Great Depression: TIGHT MONEY.

I have seen that TIGHT MONEY makes bubbles more destructive. The 1987 Dow Jones bubble started under a very short period of TIGHT MONEY and then made “pop” under good monetary policy. No disaster, no recession then. But other bubbles 1929-2000-2007 were made much worse by tight monetary policy and tight monetary policy made their burst disastrous. Loose money can cause a lot of trouble too, but I am not discussing that here (see Mundell for that).

A bubble is a colossal accumulation of capital. Tight money triggers or make bubbles go stronger and then makes them “pop” in disaster. It was easy for Keynes to give the message that capital accumulation is BAD BAD BAD. “Tight money” bad theories produced such sudden accumulations of capital finishing in disaster.

Given such a situation where capital could be seen as a BAD BAD BAD thing, then Keynes only needed to write the utter nonsense “General Theory” that demonized savings and make, based on nonsense, some good recommendations like lowering interest rates, and he would win over classical liberalism and freedom because Hayek was recommending more suicidal “tight money” while Keynes was actually giving some relief. Keynes won such huge a victory because our errors were so colossal, because we played his game.

Sorry for such a long comment. I have been thinking, for years, on this and I am writing a paper on that matter. It will take several months before the paper is finished. Thanks for allowing me to comment.
on February 7, 2011 at 8:50 am charlie

Not so rosy picture of Reagan’s achievements in economy:
The Reagan Fraud — and After
http://mises.org/daily/5009/The-Reagan-Fraud-and-After
on February 6, 2011 at 10:35 am Happy Birthday to the Gipper

[…] “Happy 100th Birthday to Ronald Reagan,” by Daniel J. Mitchell […]

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