Several people have sent me the video embedded below. It’s more than one-hour long, so it’s not for the faint at heart. I categorize this video in a special new genre that I’ll call libertarian porn. This isn’t a negative (or positive) observation, but watch at least some of the video and then see my explanation below.
I call this libertarian porn because it is designed for the dark enjoyment of people who think the government is destroying the nation. If you don’t like bloated government and statist intervention and you think that the policies being imposed by Washington are going to lead to hyperinflation and societal collapse, then you will get a certain level of grim satisfaction by watching the video.
Since I don’t like bloated government and statist intervention, I obviously like many of the points in the video. That being said, I think it is too dour about the long-run outlook. Big government presumably can lead to societal collapse, with Greece perhaps being an example of a nation heading in that direction. But it’s also likely that big government may be sustainable, albeit at a heavy cost of slower growth and lower living standards. Sweden is a good example of this type of society. It’s not what I want, but it’s not on the verge of breakdown.
To be sure, there is the wild card of hyperinflation. The video assumes that monetary policy will get more reckless in the future, and even the most stable society can be turned upside down if the government destroys the medium of exchange. But it’s unlikely that America is on that path. I’m not a fan of Ben Bernanke, but even I don’t think the Fed will copy the mistakes of places such as Argentina and Zimbabwe.
