“The interventionist in advocating additional public expenditure is not aware of the fact that the funds available are limited. He does not realize that increasing expenditure in one department enjoins restricting it in other departments. In his opinion there is plenty of money available. The income and wealth of the rich can be freely tapped…. It never occurs to him [think Obama] that grave arguments could be advanced in favor of restricting public spending and lowering the burden of taxation. The champions of cuts in the budget are in his eyes merely the defenders of the manifestly unfair class interests of the rich.”

– Ludwig von Mises, Human Action: A Treatise on Economics (1949), 1966, pp. 856–57.

“This is where we stand in our current debt ceiling debate. Government is too big, too bloated.

[Editor note: Part II on energy conservationism tomorrow examines the energy conservation faddism of Amory Lovins.]

Richard Nixon (1913–94) got on the wrong side of economic law three years before his Watergate-related resignation from the U.S. presidency. In August 1971, in a surprise decision, Nixon imposed the first peacetime wage-and-price controls in American history.

Businessmen reined in their surprise to pragmatically offer support. John Kenneth Galbraith and Paul Samuelson offered quick congratulations. There was public approval of the ‘temporary’ action that was intended to just quell inflationary expectations (as if the problem was psychological and not the inherent consequence of expansionary money). The inflation rate was then running at about 4 percent per year.

Free-market economist Milton Friedman, knowing that shortages lay ahead, lambasted the move. So did Ayn Rand in the Ayn Rand Letter.…

[Editor note: Hat tip to Michael Fumento at globalwarming.org for his recommendation of Number Watch’s listing below. This site advertises itself as a depot for “all about the scares, scams, junk, panics, and flummery cooked up by the media, politicians, bureaucrats, so-called scientists and others who try to confuse you with wrong numbers.”]

Of course U.S. EPA is correct in their finding that the human influence on climate (aka anthropogenic global warming) poses a threat to human welfare. And no wonder why Obama science advisor John Holdren has not disowned his prediction that as many as one billion people could perish by 2020 from climate change.

We surrender. We apologize. We bucked the science as long as we could and just have nowhere to hide. And Dr.…

Posts at MasterResource have highlighted the Left’s growing Civil War on climate policy. James Hansen, in particular, has called for the rejection of (Enronesque) cap-and-trade, as well as for the failure of the Copenhagen approach to climate policy.

More recently, the Hard Left (Bill McKibben, John Passacantando, etc.) has heated-up over Joseph Romm’s dismissal of cap-and-dividend as “cap-and-divide.” Here’s the comment of longtime Greenpeace head Passacantando on Romm’s post:

Joe, as a longtime reader of your blog I find your hostility towards an innovative approach perplexing …. I don’t think a legislative alternative to what appears to be a dead approach … is in any way divisive. Cap and dividend (the CLEAR Act) is a smart policy alternative, a real Plan B, filling in the current vacuum.

Romm would have none of it (remember, he works for the ObamaTank, a.k.a…