Quotation of the Day…
Posted By Don Boudreaux On November 21, 2012 @ 7:34 am In Budget Issues,Debt and Deficits,Other People's Money,Reality Is Not Optional | Comments Disabled
… is from David Hume’s 1742 essay “Of Public Credit,” (here from page 352 of the 1985 Liberty Fund collection of Hume’s essays, edited by the late Eugene Miller, Essays: Moral, Political, and Literary [1]) [1]:
The practice, therefore, of contracting debt will almost infallibly be abused, in every government. It would scarcely be more imprudent to give a prodigal son a credit in every banker’s shop in London, than to impower a statesman to draw bills, in this manner, upon posterity.
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[1] Essays: Moral, Political, and Literary: http://www.amazon.com/Essays-Political-Literary-David-Hume/dp/0865970440/ref=sr_1_1?s=books&ie=UTF8&qid=1322570583&sr=1-1
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