By David Galland in Casey's Daily Dispatch:

There are only a few things that Doug Casey and I disagree on, one of those being the cinematic qualities of The 13th Warrior, a movie that starts reasonably well, in my opinion, but goes B-grade at about midpoint and deteriorates from there. Doug doesn’t share that view and likes it from beginning to end. Because our taste in movies is in almost perfect sync, I have tried watching The 13th Warrior three times, but I am still unable to form a different opinion.

Another thing we have disagreed on is Ronald Reagan. Doug objects to the deification of Reagan based on a close analysis of some of the policies he promoted while in office. But I’m a fan, based first and foremost on my spending a fair amount of one-on-one time with him on two occasions during his successful presidential campaign. In person, he was a very nice man.

Moreover, like many of you, I admired Reagan for his unswerving advocacy of small government and his willingness to make tough decisions, such as breaking the grip of the air traffic controllers union by firing them all.

That said, as is so often the case, the myth of Reagan differs from the reality - and Doug’s dimmer view of the Reagan presidency is supported by the public record that shows no slowdown in U.S. government spending during the Reagan years of 1982 - 1989.

It is actually worse than that, because in Reagan’s first term, federal debt increased by a whopping 49%, followed by a second-term increase of 40%.

By contrast, during the one-term reign of his widely denigrated predecessor, the hapless Jimmy Carter, the federal debt actually fell.

In fact, during his term, Reagan set the then-record for federal borrowing, a record only surpassed by his successor, another “fiscal conservative,” George Bush I.

Okay, while I still don’t like The 13th Warrior, and never will -- and while I will always like Reagan the man, as well as his rhetoric, which was useful in restoring American confidence after the disaster of the Carter years - I will concede the point to Doug that Reagan may have talked the talk about being a fiscal conservative, but he sure didn’t walk the walk.

While still premature, there is a politician now easing onto the national stage that may actually be a Reagan: New Jersey’s Governor Chris Christie.

And not just in his rhetoric, but in fiscal actions as well.

As you know, my general outlook on these things is a healthy dose of skepticism mixed with a large dollop of distaste for political office-seekers. Yet in the case of Christie, we will have a chance to watch from the sidelines as he tackles New Jersey’s entrenched bureau-rats. If he can actually clean up that state’s dismal balance sheet - which is now on track to suffer a $10.7 billion hole for the current fiscal year - and do it not by raising taxes but by cutting government spending -- then we’ll know the guy’s for real.

In case you are not familiar with Christie and his current challenges, as I wasn’t until regular correspondent Dennis M. brought him to my attention, here are some excerpts from a recent Wall Street Journal article…

When he was elected back in November, Mr. Christie's victory was thought to augur growing disenchantment with Barack Obama. For the former federal prosecutor, however, his victory was primarily about local disenchantment with New Jersey's overtaxed economy and spendthrift government. Now he is in the thick of what will probably be the defining moment of his governorship: the attempt to enshrine his vision for the future in the state budget.

Budgets are serious business, but it's been a long time since anyone in New Jersey has been serious about the budget. This year, gross mismanagement and accumulated fictions have left state taxpayers a $10.7 billion gap on a total state budget of $29.3 billion. Mr. Christie's answer is simple: "a smaller government that lives within its means."

However quaint that may sound, when you have to cut nearly $11 billion in state spending to get there, you are going to get a lot of yelling and screaming. Most comes from the New Jersey Education Association, hollering that "the children" will be hurt by Mr. Christie's proposals for teachers to accept a one-year wage freeze and begin contributing something toward their health plans. What makes the battle interesting is the way Mr. Christie is throwing the old chestnuts back at his critics.

... David again. Here’s a link to the article.

If nothing else, watching Christie’s efforts to slash New Jersey’s out-of-control spending should prove entertaining. And if he succeeds, it might even provide a ray of hope on an otherwise dark horizon.

Crux Note: Each day in Casey's Daily Dispatch, David Galland brings you an informative and entertaining overview of the markets, the economy, and politics... all from his unique and often contrarian perspective. Casey's Daily Dispatch is absolutely FREE and comes right to your inbox, five times a week. To sign up, click here...

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