Some of Ron Paul's ideas are beginning to make more sense as the days go by....If only we had had some leaders like Ron Paul over the past decades!!....He may not have "the looks" of the other candidates but he had it right in seeing the collapse and the causes mentioned below. So many college students supported him. Ask them why and you'll hear we don't want to be paying back the debts of our parents and grandparents.
http://darwinianconservatism.blogspo...was-right.html
Friday, September 19, 2008
Ron Paul Was Right
When Ron Paul was running in the Republican presidential primaries, he was ridiculed for his warnings that the U.S. financial system as managed by the Federal Reserve and the Department of the Treasury was on the way to collapse. Actually, he and others whose thinking has been shaped by Austrian School of Economics have been predicting this for many years.
Now, we see federal bureaucrats desperately spending hundreds of billions of taxpayers' money in nationalizing financial institutions to avoid a collapse that has building for many years. (We used to call this "socialism.") They do this in violation of the Constitution of the United States, which explicitly states that no spending can occur without congressional authorization. Of course, the Congress has no interest in intervening.
And what do Obama and McCain say? We need more federal regulation.
Wouldn't it be more sensible to say that the federal government should do nothing? Shouldn't we see this as an imbalance in the economy--too much consumption and too little saving and production--created by federal efforts to stimulate the economy? And isn't the only way to work out of this imbalance to endure the pain of a year or so of drastic economic readjustments? Can't we anticipate that federal bailouts with taxpayer money will only prolong the pain?
For an example of the Austrian economics analysis of this crisis, go to an article at the Ludwig von Mises Institute website by Antony Mueller.
posted by Larry Arnhart @ Friday, September 19, 2008 1 comments links to this post
1 Comments:
At Sunday, 21 September, 2008, Anonymous said...
As the President and the Federal Reserve Bank’s Chairman, Mr. Bernanke, stood side-by-side, the problem can not be more apparent. For the last 100 years, the national debt has ballooned due to the printing of money by the Federal Reserve Bank which is a for-profit private bank. As the bank prints the money for the government, the money is borrowed with interest. This borrowed money then becomes part of the national debt. In turn, the US government taxes the American people to pay the debt which includes the interest amount accrued. This financial arrangement has made the owners of the bank as rich as anybody’s wildest dreams. This scenario must change if the American people want to retake ownership of their government. The Congress must fundamentally change how business has been conducted by either abolishing the Federal Reserve Bank to have the US government print the people’s money, or amending the terms of its charter with the FRB where a fixed service fee is provided to them when they are required to print more paper money. If no changes by the Congress are enacted, then as surely seen on the steps of the White House, the same people will continue to save themselves and their banks at the expense of the American taxpayer.
http://www.petitiononline.com/fed/petition.html
http://andrewsullivan.theatlantic.co...span-says.html
http://andrewsullivan.theatlantic.co...ul-was-ri.html
Ron Paul Was Right, Ctd.
18 Sep 2008 02:28 pm
"I fear the government has passed the point of no return. We have the irony of a free-market administration doing things that the most liberal Democratic administration would never have been doing in its wildest dreams. It’s pure crisis management. It’s the Treasury and the Federal Reserve lurching from crisis to crisis without a clear statement on how financial failures will be handled in the future. They’re afraid to articulate such a policy. The safety net they are spreading seems to widen every day with no end in sight," - Ron Chernow, a leading American financial historian.
You might want to check out this site:
http://mises.org/
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