Mises, Hayek’s mentor, refuted socialism by 1922. It is my belief that we are on the (long) road to a massive financial crises, brought about by succeeding attempts to mask the failures of socialism. The US public deficit is one sign of that attempt to conceal these failures; the exportation of manufacturing to China is another sign of that concealment.Socialism never works. In our time, extraordinary economic productivity financed a lot of hair-brained schemes and the government appeared to get away with at the time. We subsidized bastardy at the same time we threw sand into the gears of the productive economic machine. However, even huge good fortune can be frittered away. It starts with minor borrowing, but borrowing soon enough becomes a mild concern. Then the need to borrow becomes as insistent as a crack addiction. Overall prognosis for an individual or a society . . . what you'd expect.
Yet if you visit somewhere like Wikipedia, the entry on Mises is about 10% of the size of the entry on Cher.
When government exactions and stupidities suffocate the productive, the "right" to a job or the "right" to food and shelter -- bedrock articles of faith for socialists -- are exposed for the lies they are. But socialists never cease to talk about economic "rights." As the graph line for national debt races to the near vertical, even that is not enough to break the back of the corrupt socialist, something-for-nothing system. And its apologists.
A dog can live with one tick. But not a swarm.
Socialists are indifferent to the inflation that steals money from the bank accounts and other assets of prudent, self-reliant citizens. Watch for the talk of outright state confiscation from bank accounts to grow louder and more insistent until the very beating heart of socialism is exposed for what it is –- theft.
It takes a depraved spirit to ignore the 100+ million deaths of the last century due to totalitarian powers that embraced socialism every waking moment of their existence. But socialists will never acknowledge that carnage. To them, the worst evils of our age are the U.S.A., Israel, and National Socialism (dead going on 69 years now) but still out there. Like the Arkansas Yeti.
For Marxism and its worldwide destruction and killing there is, however, still reverence.
Comment by Joe on "To Be Considered: Are Socialists Fun-Impaired?" By Dymphna, Gates of Vienna, 3/21/14.