What happens if the modern "nanny state" provides the wrong incentives to society? Here is a nice example:
Unemployed single mother on benefits who spends £2,000 on Christmas with 20 presents for each of her children
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"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." |
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