Liberty Forged

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

Posts Tagged ‘great depression’

World Reserve Currency – China says yes.

Posted by Jesse on March 23, 2009

Bernanke: Oh no, no, no. No ones talking about a World Reserve Currency. We can print our way out of this mess.

Barack Obama: Geez, ya know. We’d be taking a stronger lead towards achieveing the goals I set forth during the campaign, but all these setbacks….this crisis, you know, we couldn’t have anticipated it.

Ron Paul: We are going to have a dollar crisis. I ran for Congress in the 70’s because Nixon removed the last remnants of the gold standard and I knew that would lead to disaster. We need to have sound money, move towards a new gold standard and abolish the Federal Reserve. (Also see: The Case for  a Genuine Gold Dollar)

Financial Times: China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.

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Financial Crisis solved: Start Liquidating Federal Gov’t assets

Posted by Jesse on March 14, 2009

It’s called leading by example

A Forgotten Day and A Forgotten Country Harry Brown

In 1886 the federal debt was $1.40 per person (adjusted for inflation to dollars of 2002 value). In 2002 the federal debt was $21,564 per person.

Free to Plan A Secure Retirement Harry Browne

The federal government owns trillions of dollars worth of assets it doesn’t need and shouldn’t have. These include power companies, pipelines, idle military bases, business enterprises, over 400,000 buildings, oil and mineral rights, commodity reserves, and much more including 29% of all the land in the United States.

When the federal government is reduced to just its Constitutional functions, there will be no reason for it to continue hoarding those assets. They can be sold to the public, putting them in the hands of people who will use them more responsibly and more productively. And the sales will generate the money to clean up the financial mess the politicians have made.

Repudiating the National Debt Murray Rothbard

It is ridiculous for a citizen to be taxed by one arm of the federal government (the IRS), to pay interest and principal on debt owned by another agency of the federal government. It would save the taxpayer a great deal of money, and spare savings from further waste, to simply cancel that debt outright. The alleged debt is simply an accounting fiction that provides a mask over reality and furnishes a convenient means for mulcting the taxpayer.

Social Security, perhaps the most revered institution in the American polity, is also the greatest single racket. It’s simply a giant Ponzi scheme controlled by the federal government. But this reality is masked by the Social Security Administration’s purchase of government bonds, the Treasury then spending these funds on whatever it wishes. But the fact that the SSA has government bonds in its portfolio, and collects interest and payment from the American taxpayer, allows it to masquerade as a legitimate insurance business.

…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.

What is America Harry Browne

If you devote yourself to fighting against the latest political proposal, you may be wasting your time.

The growth of government is inevitable because the major issue has already been decided: there is no longer an America of tiny government, voluntary association, and the free market. So the only arguments now are over how the politicians will run our lives the Republican way or the Democratic way.

Our one hope is to persuade our fellow Americans that a return to the Bill of Rights could bring us much smaller government, much greater personal income, access to more low-cost products and services, and the freedom to live your own life as you think best not as the President or Congress wants.

Every battle is trivial compared to the fight to restore that unique America.

And don’t forget about the Fed

The Solution Murray Rothbard

To save our economy from destruction and from the eventual holocaust of run away inflation, we the people must take the money-supply function back from the government. Money is far too important to be left in the hands of bankers and of Establishment economists and financiers. To accomplish this goal, money must be returned to the market economy, with all monetary functions performed within the structure of the rights of private property and of the free-market economy.

Abolish the Fed Ron Paul

From the Great Depression, to the stagflation of the seventies, to the burst of the dotcom bubble last year, every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial “boom” followed by a recession or depression when the Fed-created bubble bursts.


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Political Independence and Inevitability

Posted by Jesse on January 10, 2009

The Moral Promise of Political Independence {MP3}

@ College of Charleston in South Carolina [April 1995]

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This list of open letters may provide some answers to the questions people have about Ron Paul and how his platform should be applied and interpreted.

Open Letters on Behalf of Ron Paul

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Middle of the Road Policy Leads to Socialism {Mp3}

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Rothbard As Historian : Liberty vs Power

“My own basic perspective on the history of man ….is to place central importance on the great conflict which is eternally waged between Liberty and Power …. I see the liberty of the individual not only as a great moral good in itself … but also as the necessary condition for the flowering of all the other goods that mankind cherishes: moral virtue, civilization, the arts and sciences, economic prosperity. But liberty has always been threatened by the encroachments of power,power which seeks to suppress, control, cripple, tax, and exploit the fruits of liberty and production. And power is almost always centered in and focused on that central repository of power and violence: the state.
… I see history as centrally a race and conflict between “social power”, the productive consequences of voluntary interactions among men, and state power. In those eras of history when liberty, social power, has managed to race ahead of state power and control, the country and even mankind have flourished. In those eras when state power has managed to catch up with or surpass social power, mankind suffers or declines.”

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From Antiwar.com/radio:

Representative Ron Paul (R-TX) discusses the expansion of the American empire after the collapse of the Soviet Union, how empires lead to the loss of liberty, security and wealth, and long term prospects of the current financial downturn.

MP3 here. (23:43)

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Obamanomics: Cost? Unknown. Idea? Old. Result? Known.

Posted by Jesse on December 16, 2008

NTU Spending Analysis [PDF]

Hilarious!

Reasonable.

Educational.

mp3 on the Great Depression with Robert Higgs. Discusses the data of the days back-when and why the conventional wisdom and economic models then and now are faulty, and consequently, destructive.

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Monetary Policy & One World Government

Posted by Jesse on November 26, 2008

Bank Closure Map

“We will not have any more crashes in our time.”
– John Maynard Keynes in 1927

“No Congress of the United States ever assembled, on surveying the state of the Union, has met with a more pleasing prospect than that which appears at the present time. In the domestic field there is tranquility and contentment…and the highest record of years of prosperity. In the foreign field there is peace, the goodwill which comes from mutual understanding.”
– Calvin Coolidge December 4, 1928

“There will be no interruption of our permanent prosperity.”
– Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928

“I cannot help but raise a dissenting voice to statements that we are living in a fool’s paradise, and that prosperity in this country must necessarily diminish and recede in the near future.”
– E. H. H. Simmons, President, New York Stock Exchange, January 12, 1929

“There may be a recession in stock prices, but not anything in the nature of a crash.”
– Irving Fisher, leading U.S. economist , New York Times, Sept. 5, 1929

“Unless we are to have a panic — which no one seriously believes, stocks have hit bottom.”
– R. W. McNeal, financial analyst in October 1929

“This crash is not going to have much effect on business.”
– Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago, October 24, 1929

“I have no fear of another comparable decline.”
– Arthur W. Loasby (President of the Equitable Trust Company), quoted in NYT, Friday, October 25, 1929

“Hysteria has now disappeared from Wall Street.”
– The Times of London, November 2, 1929

“Financial storm definitely passed.”
– Bernard Baruch, cablegram to Winston Churchill, November 15, 1929

“I am convinced that through these measures we have reestablished confidence.”
Herbert Hoover, President of the United States, December 1929

“[1930 will be] a splendid employment year.”
– U.S. Dept. of Labor,
New Year’s Forecast, December 1929

“The spring of 1930 marks the end of a period of grave concern…American business is steadily coming back to a normal level of prosperity.”
– Julius Barnes, head of Hoover’s National Business Survey Conference, Mar 16, 1930

“While the crash only took place six months ago, I am convinced we have now passed through the worst — and with continued unity of effort we shall rapidly recover.”
– Herbert Hoover, President of the United States, May 1, 1930

“Gentleman, you have come sixty days too late. The depression is over.”
– Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930

“…by May or June the spring recovery forecast in our letters of last December and November should clearly be apparent…”
– Harvard Economic Society May 17, 1930
“… irregular and conflicting movements of business should soon give way to a sustained recovery…”
June 28, 1930
“… the present depression has about spent its force…”
Aug 30, 1930
“We are now near the end of the declining phase of the depression.”
Nov 15, 1930
“Stabilization at [present] levels is clearly possible.”
Oct 31, 1931

“All safe deposit boxes in banks or financial institutions have been sealed… and may only be opened in the presence of an agent of the I.R.S.”
– President F.D. Roosevelt, 1933

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