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Message from the People of Kentucky: America's Problem is Debt
Howard Richman, 11/3/2010
Victorious Kentucky Senator-elect Rand Paul eloquently summarized the message of his election in his victory speech on Tuesday. America's problem is debt.
He is correct. First came excess consumer debt, which spread to include bank debt when houses fell in price, which spread to include government debt when the Bush and Obama administrations tried to stimulate the economy while letting the trade deficits expand. Here's what Rand Paul said:If you watch to the end, you'll see the snide sophisticated MSNBC commentators pretending that Paul is a madman threatening to cause a worldwide depression. But Rand Paul is right and Washington is wrong.
There is a simple recipe for both short-term and long-term growth. Balanced Trade Monetarism simply requires: (1) balanced budgets, (2) balanced monetary growth, and (3) balanced trade.
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