Liberty Forged

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

Posts Tagged ‘world war II’

Finding confidence through education and honesty – A true leader

Posted by Jesse on February 10, 2009

Ron Paul speaking during financial markets hearing with the Federal Reserve Chairman

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Speaking on the Draft

Campaign for Liberty: update on the stimulus bill

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Obama, Generation x-er

Posted by Jesse on March 12, 2008

What do Iraq, bubbles, Bush, Bernanke, and Obama all have in common?
Posted by Michael S. Rozeff at March 12, 2008 03:50 PM

Over-confidence. Xenakis, who wrote Generational Dynamics, in 2004 wrote this: “Ten years ago, all the major senior business, government and education leaders were risk-averse people from the generation that grew up during the Great Depression and World War II. Today, all the major leaders are from the risk-seeking, arrogant, hubristic, narcissistic, self-assured ‘baby boomer generation.'”

His hypothesis applies to the Iraq War instigators. And they are so hubristic they’d start a war with Iran.

It applies to Bush II, born in 1946, who thinks he can remake the world.

It applies to the credit bubble, which is a manifestation in part of lowered risk aversion. Those contracting big debts, both in the business world and out, didn’t think about the risks or factor them in to pricing. It applied earlier to the internet bubble.

These are history. My main point is that Bernanke, born in 1953, is in this group. He thinks that he can stem another Great Depression, if not with helicopter money, then with some other gimmick. He thinks he can manipulate the stock market and stem its decline. He cannot do either of these things. He’s overconfident.

Obama, born in 1961, is a Generation X-er. He’s just as overconfident as the Baby Boomers and will be just as activist, as he is not separated that far in time from them. But his agenda is a different set of “problems”, namely, social problems.


Ah…there it is. So people want to unite the country. But how can you do that when we are at war and the economy is going down the tubes?

Let’s see, redeploy troops…., spend…, spend…, spend…,

Think it will work?
With regards to military reform, read this post by Lind.
[here’s an excerpt]
“Events on Wall Street suggest that the day when the money flow stops may be approaching. Despite President Hoover’s assurance that “Prosperity is just around the corner,” the American economy is in free-fall. After decades of frivolity, that economy now amounts to little more than a pyramid of financial pyramids, all requiring a constant inflow of borrowed money. The inflow is endangered by the developing Panic of ’08, where the junk mortgage crisis and the collapse of the housing market combine to dry up lending. What happens to pyramid schemes when money stops flowing in at the bottom? Maybe a recession; maybe a depression. That’s why pyramid schemes are illegal, unless the government runs them.

A tanking economy and world credit markets tighter than Scrooge’s sphincter will require large cuts in federal spending. That will include the Pentagon. If a new administration were to turn to the military reformers and ask us how to cut defense spending while still securing the country, what would we advise?”

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