According to Pat Buchanan, not bailing out the entire Americna auto industry is “terminally stupid.” Buchanan, being the Keynesian that he is, really believes that China’s latest redistribution scheme will catapult it to limitless propserity. And Buchanan, being the nationalist that he is, thinks it is a legitimate, and indeed laudable, prerogative of the state to prop up industries in the name of economic warfare. He’s wrong on both counts, of course. See Lew Rockwell on “The Myth of Good Government.” Thinking back to the 1990’s and the ’91 recession, I won’t be shocked if protectionism once again becomes popular … Continue reading The New Protectionism
