Donald Boudreaux Brings Economic Wisdom to Abacoa
“Running a trade deficit is a good thing.” “It would have been better if the Fed had never been created.” “The country can continue to run deficits and pile on the national debt as long as there are those who continue to invest in the US.” “The dollar’s status as the world’s reserve currency does not depend on the amount of gold in Fort Knox.”
These are some of the jewels we collected from Economist Donald J. Boudreaux at Abacoa last evening.
In an informal discussion of all things economics, this professor, attorney and noted author brought life and clarity to the “dismal science” as his anecdotes and pithy analogies questioned conventional wisdom and shared with us his lifelong appreciation of “fiscal responsibility, limited government and free markets”.
Regarding the US trade deficit, he asked what could be wrong with acquiring real goods from abroad in return for pieces of paper embossed with monochrome pictures of dead presidents. Pointing out that we all run a trade deficit with (for example) a supermarket, unless we actually work there, he explained that attempts by politicians to limit imports of foreign goods is misguided.
Having no love for the federal reserve, the endless printing of money is not a good thing, but as long as others are willing to accept dollars in payment for goods and services, the party will continue.
He even took on his professorial colleagues when asked why they are all so liberal. Stupidity is the reason he said, not an ideological belief in the goodness of socialism.
It was an enlightening and entertaining presentation.
In other business, Mel announced that the Tea Party Patriots is looking for volunteers to go to Mississippi for a few days (at their expense) to work on campaigns in that state, and the PBCTP will be needing volunteers later in the year to help distribute our voters guides for the 2014 election.
Present at the meeting were candidates Calvin Turnquest, Beverly Hires and Alan Schlesinger for CD18, and Jay Bonner who is running against Alcee Hastings in CD20.