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Crony capitalism will be very hard to uproot

By ShareProphets | Tuesday 25 November 2014


 


David Stockman was elected to Congress at age 29 back in 1976; he was an avid student of Austrian economics and supported a gold-backed money system and a balanced budget. He later joined the Reagan administration as Budget Chief, where he watched in awe as the Reagan administration quickly became the most profligate spenders in the history of the United States. He recently gave an interview to Sprott which - given our views on crony capitalism - is fascinating stuff. Over to Sprott.


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