Debauching the currency of liberty 132
Mark Steyn writes in the National Review, commenting on what he calls the ‘bailoutapalooza’:
For six months now, Paulson, Geithner, and the gang have talked about it as a kind of technical correction, a recalibration that will re-inflate the credit bubble and get us back to “normal.” But it’s not about the arithmetic, it’s about restoring the concept of “moral hazard” that is vital to any functioning market but which the “socially liberal/fiscally conservative” circle-squarers have all but rendered extinct. No government can guarantee universal homeownership, or absurd returns on mediocre assets as a permanent feature of life. And to attempt to do so is to strip language of meaning. You’re debauching the currency — not in the “fiscal” exchange-rate nickel-’n’-dime sense, but something more profound: the very currency of liberty — property, contract, citizenship, responsibility.
(Read the whole column. It’s mostly about Arnie, the governor of ‘Collyvornya’, and it’s very funny.)
