Monarchy, Democracy, and the Laffer Curve
The blogger quotes Hoppe:
Accordingly, it must be regarded as unavoidable that public-government ownership results in continual capital consumption. Instead of maintaining or even enhancing the value of the government estate, as a king would do, a president (the government’s temporary caretaker and trustee) will use as much of the government resources as quickly as possible, for what he does not consume now, he may never be able to consume. In particular, a president (as distinct from a king) has no interest in not ruining his country. … For a president… moderation offers only disadvantages.