The real lesson of Nixon's fall is that the President shouldn't call Thomas Watson and McGeorge Bundy bad… — Noam Chomsky

See, the "science" [of political economy] happens to be a very flexible one: you can change it to do whatever you feel like, it's that kind of "science."

… there are no two points of view more antithetical than classical liberalism and capitalism—and that's why when the University of Chicago publishes a bicentennial edition of Smith, they have to distort the text (which they did): because as a true classical liberal, Smith was strongly opposed to all of the idiocy they now sprout in his name.

The United States is deeply in debt—that was part of the whole Reagan/Bush program, in fact: to put the country so deeply in debt that there would be virtually no way for the government to pursue programs of social spending anymore. And what "being in debt" really means is that the Treasury Department has sold a ton of securities—bonds and notes and so on—to investors, who then trade them back and forth on the bond market. Well, according to the Wall Street Journal, by now about $150 billion a day worth of U.S. Treasury securities alone is traded this way. The article then explained what this means: it means that if the investing community which holds those securities doesn’t like any U.S. government policies, it can very quickly sell off just a tiny signal amount of Treasury bonds, and that will have the automatic effect of raising the interest rate, which then will have the further automatic effect of increasing the deficit. Okay, this article calculated that if such a "signal" sufficed to raise the interest rate by 1 percent, it would add $20 billion to the deficit overnight—meaning if Clinton (say in someone’s dream) proposed a $20 billion social spending program, the international investing community could effectively turn it into a $40 billion program instantly, just by a signal, and any further moves in that direction would be totally cut off.