President George W. Bush recently made a remarkable admission. He stated, “I’ve abandoned free market principles to save the free market system.”

Might this be proof that socialism is the wave of the future? President Bush does not believe in the free market because if he did he would let the market function. He would have allowed the stock market catastrophe to unfold according to market principles and would have trusted that the outcome would be better than the outcome of government intervention.

Market principles teach that government planning cannot save an economy.

The president has shown that he believes that the government knows better than the market. He is saying that the government knows how to save the market by violating the market.

Bush has made this situation worse by throwing good money after bad and by making massive decisions for the market. What comes next is hyperinflation. The good faith and credit of the United States is over. Who is going to loan money to a government determined to inflate?