Murray N. Rothbard explains in 3 minutes why it is that when economic downturns happen the government should just get out of the way. Let prices correct, the pain will be short and sharp but then life will go on, typically in a more prosperous manner.
By Ron Paul
The political class breathed a sigh of relief Saturday when the US Senate averted a government shutdown by passing the $1.1 trillion omnibus spending bill. This year’s omnibus resembles omnibuses of Christmas past in that it was drafted in secret, was full of special interest deals and disguised spending increases, and was voted on before most members could read it.
The debate over the omnibus may have made for entertaining political theater, but the outcome was never in doubt. Most House and Senate members are so terrified of another government shutdown that they would rather vote for a 1,774-page bill they have not read than risk even a one or two-day government shutdown.
Those who voted for the omnibus to avoid a shutdown fail to grasp that the consequences of blindly expanding government are far worse than the consequences of a temporary government shutdown. A short or even long-term government shutdown is a small price to pay to avoid an economic calamity caused by Congress’ failure to reduce spending and debt.
So at one point on Thursday, according to the ranking member on the House Financial Services Committee Maxine Waters, Barack Obama and JPMorgan’s CEO were on the phone with congresspeople whipping votes. The President and the chief of America’s largest bank were calling members of Congress making deals.
That constellation of trillions of dollars of credit derivatives which floats around the globe? The one generated by the big banks? Looks like we’re now the ones responsible for them when they come crashing through the atmosphere.
It was only a couple of years ago that outside of a few anarcho-capitalist and libertarian circles Bitcoin was completely unknown. Times have changed.
Goldman and the Fed are very close. Let’s just say they vacation together. Share a beach house in the Hamptons.
Ah yes, government numbers.
This essay is pretty good with a couple of important exceptions.
Even though Moyers and Winship take the Dems to task for being a part of the crony capitalist game in Washington DC they still clearly see the Dems as preferable to the GOP which they refer to as the Guardians of Privilege. Though there is some truth to this jab the Dems are absolutely a party of privilege also, perhaps even worse than the GOP. That said, both parties are terrible.
Adelson has a giant checkbook. He has done very well over the years as the head of Las Vegas Sands. That is why nearly every GOP presidential hopeful (except Rand Paul) went to Las Vegas earlier this year to see if they could wrangle some of the magnate’s largess. Kiss the ring and then perhaps political funding will be showered upon you. A jackpot of sorts. Adelsohn is in the business of “jackpots.”