Sadly it appears that these folks, filled with legitimate indignation, do not understand that central bank interest rate rigging is anything BUT capitalism. A banker politburo issuing edicts from on high pretty much is the opposite of free enterprise. The protester’s problem should be with the state and the bankers colluding, but as we see also in this country many people who have problems with bankers continue to have a love affair with the state. Witness the red flags on display above. If only the government could be run by the people!
As we’ve written before, the targeting of conservative groups by the IRS should concern anyone with a political opinion. All it takes is a change in leadership and suddenly one’s group might find itself on the wrong end of an audit.
Or it might just take one overzealous Senator with a control issue, as was the case with Diane Feinstein and the Marijuana Policy Project.
The world needs more of this kind of activism. It clearly defines the fight for liberty and shines a stark light on the inconsistencies which are often found in the traditional American “Right” and “Left.”
When it comes down to it, there are people who believe that taking money from the real economy, putting it through the sausage machine of government, and then spitting it back out into the real economy is smart, and there are those who know better.
Critics of crony capitalism are found on both the left and right. This creates a very interesting alliance. For example, left and right work together to audit the Fed. We can also audit each other’s ideas for factual accuracy.
Ewe Reinhardt, usually regarded as a “big government” man, says in the New York Times piece below that regulation is part of the economy’s problem.
How could that be? Doesn’t Reinhardt believe in regulation?
The professor explains himself. It isn’t the idea of regulation that is at fault. If markets are left unregulated, all sorts of mischief ensues. The problem arises when special interests get into Congress and the upper reaches of the administration and twist regulatory legislation out of shape. After the special interests do their dirty work, we can’t expect the regulation to do its work properly.
Oh. It isn’t regulation that is at fault. We need it. The difficulty is getting it past the special interests.
This analysis could be worse. At least it recognizes that crony capitalism, the toxic brew that governments and special interests work up, is doing us in. That recognition is a start. But there are gaping holes in Reinhardt’s story.
In an article in the far right newspaper Washington Times, Sol Sanders has this advice for President Obama about how to create jobs: “Begin weekly meetings in closed session with a group of recognized private-sector leaders to brainstorm recovery strategy and tactics.”