The Duke discusses the drop in US consumer confidence and the correlated worries on Wall St about this diminution of spending recklessness when it comes to an economy where many are underwater on their mortgages, are unemployed, or fear unemployment, and have no savings.
He then talks about the ineffectiveness of government spending on infrastructure, especially bridges to nowhere - which Japan has now been building for 20 years with no recovery effect - with reflections on Bastiat's thoughts on the broken window fallacy where resources spent on bridges to nowhere can no longer be spent on real productive industry in the private sector.
Mr Schiff finishes off with a reminder about Alan Greenspan's involvement in the current global financial mess.
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