An interesting, as usual, view. Of course, fascism and socialism are effectively two sides of the same coin, so the step from one to the other is not that difficult.

I think the real point that people should take is that there are too many arguments for and against historical and current programs and policies, to enable a single ‘truth’ to shine through. Therefore, all contributions to the debate should be welcome. Your analysis is always well researched, and I enjoy your views.

http://bit.ly/p4cwjU

You, sir, how biased can you be? Such selective use of statistical data is misleading at best, and may be considered ethical questionable.

The Revenue Act of 1932 was desperately assembled by Congress to increase federal revenue, to address the serious deficit caused by numerous tax cuts that cut the top (marginal) income tax rate from 73% to 24% (under Presidents Warren G. Harding and Calvin Coolidge). But by the time it was enacted, American was already in recession, and unemployment was already 9% in 1930, 13% in 1931, and 18.8% in 1932 (LABOR FORCE AND UNEMPLOYMENT IN THE 1920′S AND 1930′S: A RE-EXAMINATION BASED ON POSTWAR EXPERIENCE Robert M. Coen). At that level, there simply not enough income to be taxed anymore: Between 1929 and 1933, U.S. GDP fell around 30%, the stock market lost almost 90% of its value, corporate profits had dropped from $10 billion in 1929 to $1 billion in 1932, and between 1929 and 1932, the income of the average American family was reduced by 40% (Overproduction of Goods, Unequal Distribution of Wealth, High Unemployment, and Massive Poverty, From: President’s Economic Council). In fact, the decrease in revenue was so massive, even after the Act, from 1932-1934, federal revenue from income tax actually DECREASE by 29% http://www.usgovernmentrevenue.com/reven ue_chart_1925_1940USk_12s1li011mcn_10t

Furthermore, taxing must be associated with spending – and it takes time for spending to take any effect. Taxing simply to fix the deficit do nothing to rescue the economy.

Sir, the same person that you have repeatedly quoted, and your favorite economics Irving Fisher, have publicly stated, shortly prior to the Wall Street Crash of 1929, claiming that the stock market had reached “a permanently high plateau”. The same person is also an advocate of Eugenics, or the enforcement of racial hygiene, the extermination of “undesired” population group – the same policy adopted by Nazi Germany. Fisher also believed so thoroughly in the now-ridiculed “focal sepsis” theory, attributes mental illness to infections in bowels and other human body parts, to apply it to his own daughter, results in her death.

Of course, such questions on personal integrity and belief do no justice to his economic theory. But such is nothing compared to the amount of personal vilification that you and some others have recently attribute to President Barack Obama and President FDR.

After some research, it came to me that you advocated a default on the debt obligation of the US. It became clear to me that you had no understanding of global economy whatsoever, and your views are dangerous and reckless. I could only hope that few share your view, or we will no longer have a nation.