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Some Economic Truths
Great truths have a persistence about them that defies all the political and economic fakery and quackery that ill-advised men can contrive to circumvent and thwart them. No mattqr where we hide or how hard we may try to alter it for our purposes, truth ultimately survives, untarnished and unchallenged.
We are in debt to a Midw’est business man’s group for a list of such truths that should be reviewed periodically by all of us, but perhaps the beginning of the 90-day political campaign makes it particularly appropriate to weigh and ponder them at this time. We offer for your consideration, “Ten Pillars of Economic Wisdom”:
1. Nothing in the material world can come from nowhere, nor can it be had free. Everything in our economic life has a source, a destination and a cost that must be paid.
2. Government is never a source of goods. Everything produced is produced by the people, and every thing that government gives to the people it must first take from the people. :
3. The only valuable money that government has to spend is money taxed or borrowed out of the people’s earnings. 4 When government decides to spend more than it has thus received, that extra unearned money is created out of thin air, through the banks and, when spent, takes on value only by reducing the value of all money, savings and insurance.
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