While contemplating the approaching debate (or should I call it a rapprochement?) between the two statists tonight, a vague memory stirred of Lenin’s discussion of “two socialisms.” In my meanderings to refresh that recollection, I found Gary North’s stirring prediction of ten years ago, under the same heading — “The Two Socialisms” — of all things: “At that point, the lie of fractional reserve banking will be exposed all over the world. Not everyone can get his money out. His money is already out: in the illiquid projects of borrowers. The central bank can print money, though not enough to … Continue reading The Two Socialisms