Liberty Forged

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

Posts Tagged ‘keynes’

Political Peer Pressure – and Continuity as “Change”

Posted by Jesse on March 13, 2009

“Every state should be laser-focused right now on one issue: jobs, jobs, jobs,”

….”This rejection is less about the people of South Carolina than it is Sanford’s political ambitions,”  said O’Malley, vice chairman of the Democratic Governors Association.

Maybe the vice chairman should go get a real job and stop playing political bully. I wonder what political ambitions he’s talking about? Afraid of a little competition? Of course he is.

South Carolina Rep. James Clyburn, the No. 3 House Democrat, dismissed Sanford’s move as “100 percent political posturing.”

Oh really? And I wonder what Clyburn is getting out of the stimulus? More votes for bringing home the artifical bacon? It sounds to me like these Keynesian schills think Sanford is committing political suicide. So what are they so worried about? Oh right. Jobs. Well, like I said, go get a real job and leave the social engineering to people and out of the reach of political whim and the long arm of the law.

I always look forward to a new installment by Jack Hunter – aka The Southern Avenger – and wasn’t surprised that he dedicated a whole youtube clip to the SC Governnor. I don’t claim to know anything about Mark Sanford and I care nothing for party politics, but I understand very clearly what Hunter is saying and that Sanford has presented himself as a man to be reckoned with. PS- Jindal sucks.

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US policies exploit citizens, their prosperity, and the peace.

Posted by Jesse on March 13, 2009

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Washington DC, Austrian Economics, and Destroying Currency

Posted by Jesse on March 12, 2009

What Has Government Done to Our Money?

Rothbard shows precisely how banks create money out of thin air and how the central bank, backed by government power, allows them to get away with it. He shows how exchange rates and interest rates would work in a true free market. When it comes to describing the end of the gold standard, he is not content to describe the big trends. He names names and ferrets out all the interest groups involved.

Tom Woods [Author of Meltdownfree chapter]- We Need Our Heads Examined, say Harvard

In short, the conference was about this: Why do people still think the interaction of free individuals is a superior economic system to one directed by Harvard Ph.D.s like us? …. So by assuming from the outset the very thing that needs to be proven – namely, that the current state of the economy just occurred spontaneously, as the result of wicked market forces – our betters relieve themselves of the need to consider that central banking, a government-established institution, just might have had, you know, a little something to do with what happened.

Mises.org – Reisman –
The Myth that Laissez-Faire is Responsible for Our Present Crisis

Laissez-faire capitalism is a politico-economic system based on private ownership of the means of production and in which the powers of the state are limited to the protection of the individual’s rights against the initiation of physical force. This protection applies to the initiation of physical force by other private individuals, by foreign governments, and, most importantly, by the individual’s own government. This last is accomplished by such means as a written constitution, a system of division of powers and checks and balances, an explicit bill of rights, and eternal vigilance on the part of a citizenry with the right to keep and bear arms. Under laissez-faire capitalism, the state consists essentially just of a police force, law courts, and a national defense establishment, which deter and combat those who initiate the use of physical force. And nothing more.

Ebeling – Human Action as Sixty

“Monetary calculation is the guiding star of action under a system of division of labor,” Mises declared in Human Action. “It is the compass of the man embarking on production.”[1] The significance of the competitive process, as Mises had expressed it in his earlier volume Liberalism, is that it facilitates “the intellectual division of labor that consists in the cooperation of all entrepreneurs, landowners, and workers as producers and consumers in the formation of market prices. But without it, rationality, i.e., the possibility of economic calculation, is unthinkable.”

Richards – Science is as Science Does

I have a bone to pick with Keynesian economists….By what right do I challenge this claim of the economists? I am an experimental physicist by profession. If there is such a thing as empirical science at all, I believe that experimental physics fits the definition, so I have had some experience with it myself. Now I do not dispute that economics is a science. Austrian economists do not dispute that economics is a science; it is just that they understand it to be a logical science, the science of human action.

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Finally! An explanation for the economic crisis!!

Posted by Jesse on February 6, 2009

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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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