Bailout is unconstitutional
Which section of the U.S. Constitution gives the federal government the power to bail out banks? If you don't know, it could be because no constitutional authority exists for such an action. It is all too common for both Congress and the executive branch to ignore that the Constitution limits what they can and cannot do.
The United States is not a parliamentary democracy; it is a constitutional federal republic, giving basic rights to the people and limiting the powers of government. America's Founding Fathers understood that simple majoritarian democracy could trample the rights of minorities and could lead to tyranny. One of the major reasons for the relative success of the American republic is the difficulty of making significant changes in the government structure and policies. Many find this frustrating, but it allows momentary passions to cool and a more deliberative process to take place. As a result, fewer mistakes are made, in contrast to many parliamentary democracies. Because it was more difficult to put socialist schemes in place in the U.S., such as the nationalization of major industries, the people observed the failure of such programs in parliamentary countries, which diminished the enthusiasm for doing it in America.
アメリカは議会制民主主義(parliamental democracy)ではなく、立憲制連邦共和国(constitutional federal republic)であると書いてあるように、この違いは実はものすごく大きい。
ハイエクが、constitution of libertyで書いたのは、アメリカの立憲制連邦共和国の意味だが、日本人でこの違いを認識している人間はまずいないだろう。
ＦＤＲ Franklin Deleno Roosevelt 政権によって、このconstitutional libertyは消滅の危機に遭遇したわけだが、なんとか持ちこたえた。
アメリカのconstitution of libertyは今深刻な危機に直面している。