Liberty Forged

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

Posts Tagged ‘private sector’

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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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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