Liberty Forged

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

Posts Tagged ‘bankruptcy’

The best solution to the National Debt: desocialize/bankruptcy

Posted by Jesse on January 12, 2009

This is the conclusion of Professors Rothbards 1992 article:

Canceling federal agency-held bonds, then, reduces the federal debt by 40 percent. I would advocate going on to repudiate the entire debt outright, and let the chips fall where they may. The glorious result would be an immediate drop of $200 billion in federal expenditures, with at least the fighting chance of an equivalent cut in taxes.

But if this scheme is considered too Draconian, why not treat the federal government as any private bankrupt is treated (forgetting about Chapter 11)? The government is an organization, so why not liquidate the assets of that organization and pay the creditors (the government bondholders) a pro-rata share of those assets? This solution would cost the taxpayer nothing, and, once again, relieve him of $200 billion in annual interest payments. The United States government should be forced to disgorge its assets, sell them at auction, and then pay off the creditors accordingly. What government assets? There are a great deal of assets, from TVA to the national lands to various structures such as the Post Office. The massive CIA headquarters at Langley, Virginia, should raise a pretty penny for enough condominium housing for the entire work force inside the Beltway. Perhaps we could eject the United Nations from the United States, reclaim the land and buildings, and sell them for luxury housing for the East Side gliterati. Another serendipity out of this process would be a massive privatization of the socialized land of the Western United States and of the rest of America as well. This combination of repudiation and privatization would go a long way to reducing the tax burden, establishing fiscal soundness, and desocializing the United States.

In order to go this route, however, we first have to rid ourselves of the fallacious mindset that conflates public and private, and that treats government debt as if it were a productive contract between two legitimate property owners.

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Economy? People are still fighting and Dying! The matter is one of War or Peace.

Posted by Jesse on October 23, 2008

I know more than enough to be skeptical of the actions taken, or accepted as necessary, by our “leaders” that I feel like I can safely assume the worst.

Sure the economy is a big issue for people. Not so much because the vast majority of americans are concerned about the Nation being bankrupt, or because the US military spending adds up to more than all the nations combined, but because they themselves, individuals and families, are concerned about their own well-being first and foremost. As it should be.

But the fact remains that tensions are high and the consequences of this governments military actions are much greater. Our fearful leaders would have the populace believe that this nation will ever remain righteous in this fight, and that those, like me, who oppose these aggressive actions are not only unpatriotic but are unworthy of any voice in the national media. Because, as the “neocon death-squad” logic concedes, War is Peace, and Occupation is Liberation.

Only individuals have the power. Until enough people come together and make a stand, peace will continue to be out of reach and war waged in the people’s name. Unfortunately, this is how the system currently works, legal or illegal. People have to take responsibility for themselves and demand a change. It’s supposed to be a two-way street. Right now, it’s one way by decree, and that is unjust and tyrannical.

“The defense policy of the United States is based on a simple premise: The United States does not start fights. We will never be an aggressor. – Ronald Reagan” (Liar)

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