This time on the economy, from Lew Rockwell at the Mises Institute.
Sometimes the bad news is the good news. So it is with the report
that retail sales are down by 0.1 percent in July, the sharpest drop in
Why good news? It means that consumers are starting to cut back.
They could be going into less debt. They might be saving more. They are
being more careful about long-term plans pending short-term trends.
These are all preconditions for recovery. It’s only bad news if one
adopts the crude theory that economies are sustained by consumer