More Statistics for the "Larger Picture"

Steven Horwitz has dished up another pile of statistical data, M2, annual inflation rates and all that. I have become less than enthusiastic for many of the statistics generated for us by government economists. The total number of unemployed may be a"subjective call," but it sure hurts if you are among that number.

In the larger picture, of course, we all have taxes, and eventually death. There is plenty of blame to go around with respect to government's handling of the economy, with very little to praise.

Basically, I envisage two possible scenarios within the years I have remaining in my lifetime. One, is a continued decline in American economic and political freedoms much as Wendy McElroy described at the beginning of her comments mentioning the Index of Economic Freedom in which this country has in one year dropped from 6th to 10th.

A second is that the Big Bubble finally bursts as a result of the monetary policies we have discussed, and what has happened in the derivatives market in which no one really knows how many trillions are involved. Any statistical data on the latter, Steven, beyond the story covered in Frank Partnoy's F.I.A.S.C.O. and Infectious Greed.?

The two are not, of course, mutually exclusive, and one can imagine that the continuation of the former will, at some point. lead to the latter. In the meantime enjoy the bread and circuses provided by the New Roman Empire!