Liberty Forged

the State has no money of its own, so it has no power of its own. ` Nock

Archive for September, 2008

Get to know the economy with this list of articles.

Posted by Jesse on September 29, 2008

The Recession Reader

Instead of looking to the mainstream for answers to this crisis, why not look to those who saw it coming?

The Bailout Reader

It’s never been more important to spread a sound view of money and banking, not only as a protection against the fallacies of “stabilization” and “reflation” but also as way to see what kind of reforms are essential now.

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Yet another housing market prediction/warning goes unnoticed

Posted by Jesse on September 29, 2008

Peter Schiff gets the last laugh. Unfortunate for those that listened to the other guys advice!

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Desocialize?! Of course!! Its all about the economics of liberty.

Posted by Jesse on September 28, 2008

How and how not to desocialize.

The dimensions of the proffered Rothbard Plan for desocialization should now be clear:

Enormous and drastic reductions in taxes, government employment, and government spending.

Complete privatization of government assets: where possible to return them to the original expropriated owners or their heirs; failing that, granting shares to productive workers and peasants who had worked on these assets.

Honoring complete and secure property rights for all owners of private property. Since full property rights imply the complete freedom to make exchanges and transfer property, there must be no government interference in such exchanges.

Depriving the government of the power to create new money, best done by a fundamental reform that at one and the same time liquidates the central bank and uses its gold to redeem its notes and deposits at a newly defined unit of gold weight of existing currencies.

The Philosophy of Ludwig von Mises

Classical liberalism believed in liberty and justice for all; it severely restricted the role of government and politics; it stood for the Rule of Law, private property, and the free market economy. It designed a set of rules which maximized every person’s opportunity to pursue his personal goals; it worked for equal freedom by abolishing the legal privileges which had hitherto given some groups in society unfair advantages over others. It got rid of serfdom and slavery.

Mises wrote a book entitled Liberalism, describing liberalism as “a doctrine directed entirely towards the conduct of men in this world . . . it has nothing else in view than the advancement of their outward, material welfare and does not con cern itself directly with their inner, spiritual and metaphysical needs.”

Now, some critics of classical liberalism have judged it to be crass, too neglectful of man’s higher nature. Not so, says Mises: “The critics who speak in this vein show only that they have a very imperfect and materialistic conception of these higher and nobler needs. Social policy with the means that are at its disposal, can make men rich or poor, but it can never succeed in making them happy or in satisfying their inmost yearnings . . . . All that social policy can do is . . . further a system that feeds the hungry, clothes the naked, and houses the homeless. Happiness and contentment do not depend on food, clothing and shelter, but, above all, on what a man cherishes within himself. It is not from disdain of spiritual goods that liberalism concerns itself exclusively with man’s material well- being, but from a conviction that what is highest and deepest in man cannot be touched by any outward regulation.”

The Goal Is Freedom: State Capitalism in Crisis

The focus on regulation, narrowly defined, distracts attention from all the ways that the government has made the financial and housing industries unstable through guarantees and other privileges. Those guarantees systematically transferred the risk of dubious mortgage lending from bankers to taxpayers. It’s a classic case of Baptists and bootleggers, Bruce Yandle’s term for when moralizers (promoting, for example, the “American dream through home-ownership for all”) and rent-seekers (the building, banking, and real-estate industries) implicitly team up to push government intervention.

The transfer of risk through government privilege — the removal or weakening of market discipline — more than accounts for what’s going on these days. What we’re witnessing is a crisis of state capitalism, and those with a stake in that system are desperately trying to save it. That explains the rush to a bailout. Let’s hope they fail. If we want freedom, justice, and prosperity, we need a genuine free market. Accept no substitutes.

Posted in antiwar, economy, free market, Politics, Rights, Ron Paul | Tagged: , , , , , | 1 Comment »

My hat is off….

Posted by Jesse on September 27, 2008

… to Neil Cavuto.

All I have to say is thank you.

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quoting myself from another time & space, replicating

Posted by Jesse on September 25, 2008

firstoff, in a sense one could define the issue as one of overspeculation, but i don’t think you’re using the word the same way i am. and i think you totally underestimate (if not exclude from the debate) the impact of a central bank and the ability to generate artificial wealth in the market. we are talking about money, not just bad business policies, this is something that represents the daily actions of just about everybody on earth, and the control of it. there aren’t many more sinister weapons one could wield. its like the ultimate fraud.

but yes, i do think the federal government should get involved. this is a perfect job for them!! why else would one want a government if not to throw criminals in jail? or at least do the job they have sworn to do as a legislative body or as an executive of the national government. somebody should at least tell them fascism is bad. the point isn’t to deal with the system as it is. its about trying to change it for the better, for the future. (wow, i feel better now that i can talk like a politician!)

[conversing on: “bailouts” or “no bailouts”]

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