Crony capitalism is a concept with which the typical informed American voter is now familiar. We are very proud of our contribution to this awakening and it is gratifying to see candidates of all stripes having to defend their current crony arrangements with donors, past crony deals, or alternatively to see them go on the attack against cronyism. That Cruz won the Iowa Caucuses despite an explicitly anti-ethanol subsidy stance is no small feat.
The petrodollar system is an area of particular interest to me and it has been for a very long time. I am fascinated by the secrecy which surrounds the system, the massive political implications of the system, why it was created in the first place, and why it plays, I believe anyway, an important roll in monetary policy. (Though some disagree with me.)
I even wrote 3/4 of a reasonably good novel focused on the petrodollar.
Many people see the federal government as not reflecting their views at all. Some see the unending expansion of the state into every nook and cranny of life, and the gaming of the government by powerful corporate and political interests, as a real threat. Indeed that our massive government is encroaching on the things many Americans hold particularly dear, independence, for some – faith, economic liberty, liberty generally, privacy, and so on.
By Ron Paul
Last week Federal Reserve Chair Janet Yellen hinted that the Federal Reserve Board will increase interest rates at the board’s December meeting. The positive jobs report that was released following Yellen’s remarks caused many observers to say that the Federal Reserve’s first interest rate increase in almost a decade is practically inevitable.
However, there are several reasons to doubt that the Fed will increase rates anytime in the near future. One reason is that the official unemployment rate understates unemployment by ignoring the over 94 million Americans who have either withdrawn from the labor force or settled for part-time work.
Now this would be interesting. The Speaker of the House does not need to be a member of Congress so it’s kosher.
Such a thing would amount to a mini-revolution of sorts of course. As such it’s a pretty long long shot. (To say the least.) I don’t see the Chamber of Commerce or other special interests getting on board the Paul for Speaker bandwagon anytime, well, ever. But that really is the point though isn’t it?
We have no opinion on who should be Speaker.
It happens. It hasn’t for a while. But it happens.
Still, pretty crazy if you think about it.
By Ron Paul
This month marks the seventh anniversary of the bursting of the housing bubble and the subsequent economic meltdown. The mood in Congress following the meltdown resembled the panicked atmosphere that followed the September 11th attacks. As was the case after September 11th, Congress rushed to pass hastily written legislation that, instead of dealing with the real causes of the crisis, simply gave the government more power.
Just as few understood the role our interventionist foreign policy played in the September 11th attacks,
This is in reference to the NSA’s “bulk data” collection program.
You’re darn right that millions of people’s rights are being violated by this program. We have a Constitution. We have a 4th Amendment. Blanket searches are not constitutional this seems pretty clear. But it stands to the power of the agency that this is even still being discussed. The program pretty clearly should be gone, finito, adios. That is if we think the Constitution and the rule of law mean anything anymore.
Calls to reform, audit, and even eliminate the Federal Reserve have been growing in recent years. We certainly call for an end to the Fed and I encourage anyone interested in monetary policy and the Federal Reserve to read Free Prices Now by ACC co-founder Hunter Lewis. Hunter is a scholar of the highest order and a remarkably successful financier. If you want to understand the sins of the Federal Reserve read his book.
There is some debate around here as to the world’s most crony company. There are many candidates but consistently in the top 5 or so is Goldman Sachs, Government Sachs.
Few companies have exploited the taxpayer and political connections to the extent Goldman has. Truly it is a company built fundamentally on cronyism.
In 2008 Goldman Sachs was leveraged more than 100 to 1 on its assets. (That is probably a conservative estimate.) When the economic tide turned it was fully exposed.
By Ron Paul
The drama over Greece’s financial crisis continues to dominate the headlines. As this column is being written, a deal may have been reached providing Greece with yet another bailout if the Greek government adopts new “austerity” measures. The deal will allow all sides to brag about how they came together to save the Greek economy and the European Monetary Union. However, this deal is merely a Band-Aid, not a permanent fix to Greece’s problems. So another crisis is inevitable.
If you really want to understand why the crony capitalist system is so insidious as well as ubiquitous I highly recommend listening to this bit from the master Murray Rothbard. If you really want to get what is so messed up about government and the “privavte sector” partnering up, one must know at least a little bit of his work.
Warning though. Rothbard can rattle one’s whole understanding of politics and economics.
The change is happening actually. I feel a shift, on a broad scale. It has just started, but pay close attention. Statism is failing and people are beginning to remember (or learn) that real markets solve problems and allow people to create wealth.
The everyday person is becoming more aware that tossing one’s lot in with the Grubers of the world is just foolish.
It will take a revolution in economic thinking to turn the USA around,