Liberty MavenBailout Compromise Reeks Of Socialism, Appoint Ron Paul
September 28th, 2008 3:14 am | by Marc Gallagher | Published in Activism, Bailouts, Banking, Big Government, Constitution, Debt, Economics, Election, Federal Reserve, Free Market, Individual Responsibility, Liberty, Maven Commentary, Money, Philosophy, Politics, Ron Paul, Socialism | 9 Responses
Apparently, the lawmakers of our “humble” country have reached an agreement on how to “rescue” the U.S. from financial meltdown. Yes, they are calling it a rescue now instead of a bailout. Most of the lawmakers agreed that something must be done. Well, the American people are going to get that something and they are going to get it good and hard. Every dollar you own will plummet in value.
What is most disturbing to me though is the stench of socialism running through this entire event. The financial crisis is a mere symptom of the larger Constitutional crisis we are experiencing as a nation. Our founding document is truly an afterthought. Check out this gem describing one of the compromises in the proposed bill:
… the government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies’ future profits.
Doesn’t this rub anyone the wrong way? Welcome to the policy of incremental nationalism of current private companies. This bill makes bailout a regular policy of the federal government instead of an extraordinary occurrence. No matter how you slice and dice the original Paulson plan this still amounts to lots of new dollars floating around. I wonder what people will be saying when milk is $10/gallon? They don’t seem to understand the fundamental problem because the solution they are proposing is what caused the original problem.
Now is the time to put your representatives on alert. Email them, call them, knock down their doors to tell them, “I will not vote for you if you vote for this plan. You are no longer representing me”. This may be your final chance.
I keep waiting for one of the candidates to announce that he will appoint Ron Paul as either the Treasury Secretary or the Federal Reserve Chairman. It seems the media is starting to recognize the genius of Ron Paul on the economy. Perhaps it is only a matter of time before his fellow lawmakers recognize it too. Oh nevermind, I almost forgot. They are too worried about looking like they are doing something rather than actually doing something like paying attention to truth.
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September 28th, 2008 at 4:43 am (#)
If we lived in a free country which had an honest presidential debate where all of the presidential candidates who theoretically could win had a the opportunity to present their beliefs and principles to the electorate, someone could ask Bob Barr (Libertarian), Chuck Baldwin (Constitution), Cynthia McKinney (Green) and Ralph Nader (Independent)who they would appoint as Treasury Secretary or Federal Reserve Chairman. I would not be totally surprised if all four recommended Ron Paul for one or both of those posts.
September 28th, 2008 at 5:30 am (#)
How much is milk now in the US? Here in Aus it is $3.95/2L
September 28th, 2008 at 8:14 am (#)
Welcome to our friends in Australia!
You must think we’re terribly foolish to have treated Ron Paul with ridicule and disrespect when he was absolutely right about this coming mess. Now, we still continue to assume that only a Democrat or Republican should be president.
Keep watching, we will completely destroy our country yet.
September 28th, 2008 at 10:24 am (#)
I’m pretty sure the President doesn’t have much to say about who the Fed chairman is since the owners of the Federal Reserve Bank control it. Can we get Congress to change the Act? President Jackson stopped them, so we know it is possible. Do you think his reason is current today? He wrote:
“It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions is society will always exists under every just government. Equity of talents, of education or of wealth cannot be produced by human institutions. In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy and virtue, every man is equally entitled to protection by the law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society–the farmers, mechanics and laborers–who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their Government. There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing. In the act before me there seems to be a wide and unnecessary departure from these just principals.”
September 28th, 2008 at 7:45 pm (#)
DavidMacko:
It’s quite irrelevant if these third party candidates are in any Presidential debate because the habits of the voters, and the system itself, encourage the voring for either the Democrat of the Republican–and also, in the beginning of this whole process, were there not at least a dozen or so candiates in each party competing not only in the primaries, but also in those so-called debates, where each candidate got, what, two minutes to speak? And wasn’t Ron Paul in several of those–and to what end?
As to oxen:
Well, it’s like this:
1, The President nominates and the Senate advises and consents to the appointment of the Federal Reserve Cahir and that board. The nonsense about the Fed as a private corporation has to stop–it simply is not true.
As to Andrew Jackson vs the central bank in his day, well, oxen, it’s like this:
That central bank that Jackson fought was the creation of the Jeffersonian Republicans under Madison–the same party that defeated Hamilton’s central bank project, only to set up one of their own. I love the irony–
Indeed, if one examines the issues carefully, you’d find that Jackson’s opposition was hardly, shall we say, in the libertarian interest. This same Jackson denied that any State had the right to seceed, and this policy or principle was backed by James Madison.
So, if you intend to quote someone, be careful, as their other quotes and actions may come up to sting you.
But this is all moot as the bailout will be done as it is necessary, which trumps all else–even Jefferson bent to Necessity with the illegal Louisiana Purchase.
Free will gets you so far, and then Necessity steps in at some point, and you have to choose, unfortunately, the lesser of several evils as the issues are not amenable to some principle that can no longer be applied. As we do not live in the State of Nature, we also do not live in some imaginary principlaity or republic–we are in the city of Man.
September 29th, 2008 at 6:16 am (#)
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September 29th, 2008 at 2:17 pm (#)
#5 To RBurnett:
Your quote: “The nonsense about the Fed as a private corporation has to stop–it simply is not true.”
You sir are wrong.
There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks. But the banks don’t necessarily run the show. Nationally, the Federal Reserve System is led by a Board of Governors whose seven members are appointed by the president and confirmed by the Senate.
The stockholders in the 12 regional Federal Reserve Banks are the privately owned banks that fall under the Federal Reserve System. These include all national banks (chartered by the federal government) and those state-chartered banks that wish to join and meet certain requirements. About 38 percent of the nation’s more than 8,000 banks are members of the system, and thus own the Fed banks.
As the nation’s central bank, the Federal Reserve derives its authority from the U.S. Congress. Congress gives the Fed authority to issue “coinage.” Let me repeat,”COINAGE.”
What we actually have is fiat money, which is an oxymoron. Traditionally, money has been both a storehouse of value and a medium of exchange. Fiat money exists by mimicking both; but when its ability to do so ends, fiat money exposed for what it is, reverts to what it is—government issued coupons with expiration dates printed in invisible ink.
Fiat money distorts the time value of money and in so doing destroys both money and the economies that use it. Real money like gold and silver has value over time, the greater its value and the longer it endures, the more likely it will be accepted as money.
It’s been 95 years since the Federal Reserve System and its credit based money took over the US economy. Now, the United States, once the world’s only creditor is by far its largest debtor. A report from the Federal Reserve in 2006 stated the US is technically bankrupt with $65.9 trillion in irreconcilable obligations. Currently, the US can only pay its debts by issuing new debt. Default comes next.
A third piece of legislation has been introduced in the House of Representatives that could result in the alteration of the metal content and sizes of U.S. circulating coins. H.R. 5512 is titled the Coin Modernization and Taxpayer Savings Act of 2008.
H.R. 5512 calls for the manufacture of a steel cent within 180 days of the bill’s passage. The coin is to be treated so that it will have a copper appearance like the current copper-plated zinc cent.
The legislation was introduced Feb. 28 with cosponsors who chair committees or subcommittees that oversee numismatic legislation.
Rep. Zack Space, D-Ohio, introduced the bill. Cosponsors are Rep. Luis V. Gutierrez, D-Ill., and Rep. Barney Frank, D-Mass. Gutierrez is chairman of the Domestic and International Monetary Policy, Trade and Technology Subcommittee. Frank is chairman of the House Financial Services Committee, which oversees the Monetary Subcommittee.
All three representatives have been sponsors or cosponsors of similar bills that remain before the House of Representatives.
The newest legislation would cede part of Congress’ constitutional authority over coinage by authorizing the secretary of the Treasury to change alloy specifications of coins issued by the U.S. Mint, without approval from Congress. It would also remove all weight specifications for individual coins from current law, thereby allowing the Treasury chief to issue regulations establishing the specifications.
It goes on to say that the new legislation would cede part of the Congress Constitutional authority over coinage by authorizing the Secretary of the Treasury to CHANGE ALLOY SPECIFICATIONS of coins issued by the U.S. Mint, WITHOUT APPROVAL OF THE CONGRESS!
Another one of your quotes: “But this is all moot as the bailout will be done as it is necessary…”
It is far from necessary. Let them fail!!
September 29th, 2008 at 7:01 pm (#)
The solution really is very simple and it is the way that our Congress members, Senators, and President should be thinking.
Give the money to American citizens. They will deposit the money into banks. They will catch their mortgages up to date. Force the banks to renegotiate loans to ones that are affordable. American citizens will buy more things. Banks will be forced to play nice if they want money from customers. The economy will be stimulated. Call it the Buy American Act.
The founding fathers trusted Americans and they built this into the greatest country in the world. It’s time for this batch of public servants to also trust Americans.
http://ewebsmith.com/bus/taxpayers.html
September 29th, 2008 at 7:04 pm (#)
websmith…if only it were that simple.
“Give the money to American citizens”.
What money? The United States is 50-80 trillion dollars in debt. The U.S. is insolvent. There’s no money to “give”.
If the money is raised through additional taxation, then they’d be taxing us only to give the money back? Silly.
-Mike