Thursday, September 25, 2008

Ron Paul on the "Bailout"

Ron Paul on the coming meltdown that I and others have predicted for years.

The financial meltdown the economists of the Austrian School predicted has arrived.
We are in this crisis because of an excess of artificially created credit at the hands of the Federal Reserve System. The solution being proposed? More artificial credit by the Federal Reserve. No liquidation of bad debt and malinvestment is to be allowed. By doing more of the same, we will only continue and intensify the distortions in our economy - all the capital misallocation, all the malinvestment - and prevent the market’s attempt to re-establish rational pricing of houses and other assets.

Monday, September 22, 2008

Dr. Evil to the Rescue

My question is, if it’s so easy to just create this kind of “money” out of thin air, why only half a trillion? Hell, let’s fire up those printing presses! I say we should make it $100 trillion dollars (my finger raised to the corner of my mouth) and let’s not stop there. Let’s give every person in this country let’s say . . . oh, I don’t know . . . $1 million (once again finger to mouth); that should really fix things!
The problem with this kind of thinking is it won’t work. All that will happen is the problem will get much worse, inflating our already devalued dollar. The government knows this yet still has no problem creating more “wealth” out of nothing. You cannot make something out of nothing; it doesn’t work that way. This is nothing more than a scheme, one that would land the average broker on Wall Street in prison, but the government gets away with it every day! The United States government is the number one counterfeiter in the world, the number one Ponzi scheme operator and the number one enemy of the free market system.

Saturday, September 20, 2008

Death of Libertarianism

Those who know me know I define myself as an Anarcho-capitalist more than a Libertarian. I was never much on party politics so when describing myself politically I preferred the term Anarcho-capitalist to Libertarian because I did not associate myself with a voting group. With that said I always supported many Libertarian principles and admired several Libertarian candidates such as Harry Brown and Ron Paul.

Today I have lost what little respect I once had for the Libertarian Party with their nomination of Bob Barr. Libertarians are supposed to be for less government and more freedom. The Libertarian Party nomination of Barr as their candidate should be a slap in the face to any real Libertarian. Barr is not a Libertarian, never has been and he has made it obvious never will be.

Tuesday, September 16, 2008

Let the House of Cards Tumble!

Question: What should you do when your good friend parties too hard one night, downs more alcohol than is thought humanly possible, generally makes a reckless ass of himself in his inebriation, and wakes up the following morning with a hellish hangover and confused guilt over what transpired before?
Solution: you let them sit it out and suffer.
That’s right; you let them face the consequences of their actions. Assuming your friend is (or should be) a mature adult, he cannot expect a savior on a white horse to deliver him from his foolishness. Your friend would be doing you a disservice by having you make excuses for him, and certainly it’d be cruel to expect you to foot the bill for the damage he’s done. Enabling your friend’s behavior wouldn’t spur him to learn from his mistakes and prevent another fiasco in the future.
So when the question arises of what to do about the credit crisis and the failing banks and subprime mortgage-holders, et cetera, there’s only one sane answer: “let ’em fail.”

Monday, September 8, 2008

Hayek Was Right: The Worst Do Get to the Top

Those who, in Hayek’s words, “think that it is not the system which we need fear, but the danger that it might be run by bad men,” are na├»ve utopians who will forever be disappointed by the socialist outcome. Indeed, this is the history of twentieth-century statism—the endless search for a place where the dream might actually be made to work, settling on a spot until disaster is embarrassingly apparent to all, then blaming persons rather than the system and flitting off to the next inevitable disappointment. Perhaps someday, the dictionary definition of “statist” may read, “Someone who learns nothing from human nature, economics, or experience, and repeats the same mistakes over and over again without a care for the rights and lives of people he crushes with his good intentions.”