Alan Greenspan has been dubbed “The Maestro”, but of what? He became what he once despised. He “sold out”. He’s the geeky kid who just wanted to have all the cool kids like him. So he did what they wanted rather than what was morally responsible.
It turns out he was not much more than the architect of the housing bubble which contributed greatly to the economic mess we are suffering through right now. He was the maestro of moral hazard.
Greenspan’s successor, along with his partner in the Treasury are traipsing down the same path. Bernanke and Geithner are the Dukes of Moral Hazard. Bernanke is Luke and Geithner is Bo.
While they tinker with the economy (General Lee) they are making life hell for the rest of us. We are a bunch of Rosco P. Coltranes to them.
Moral hazard is the prospect that a party insulated from risk may behave differently from the way it would behave if it were fully exposed to the risk.
So the Dukes continue their bailouts, money printing, and money laundering just to keep the moral hazard government-sponsored Ponzi scheme afloat.
Meanwhile the dollars we are left with purchase less with every passing day. This is how our dearly beloved government can utilize the hidden tax of inflation to raise taxes. And they can do it without major public scorn since most do not understand that inflation is as evil a tax as the income tax.
There are a few things we can do to help people understand. First, make sure you contact your representative and request they cosponsor HR1207 or S604 to audit the Fed. Next, read Ron Paul’s newly released book, “End the Fed“. It will give you a deeper understanding of The Federal Reserve and arm you with persuasive arguments for abolishing it. Paul effectively ties the Fed to the general persistent growth of government and its intrusion in our lives.
With the Fed around there is no such thing as “limited” government. Government is a perpetual growth industry.
Aren’t we tired of this constant heavy hand regulating us into oblivion? It is high time for the people to stand up and regulate the government.
The government would love nothing more than for you to believe that they have all the answers. They want you to believe that through their laws you somehow magically become more free or more equal. This notion is a fallacy. Government by its very nature is force. Over time many people have attempted to seek methods to minimize government’s force over our lives, but as time moves forwards more and more laws are created limiting our options.
One of the key ingredients in attaining some semblance of freedom is to become financially independent. A new book, “5 Steps To Freedom“, by Jeff Nabers and Phoebe Chongchua supplies us with some extremely effective tools to escape financial slavery. Take elements of Tom Wood’s “Meltdown“, Ron Paul’s “Manifesto“, and Peter Schiff’s “Crash Proof” all rolled into one and you come very close to describing “5 Steps To Freedom”.
The five high level steps are:
Measure
Move
Maintain
Multiply
Mention
The first portion of the book is an education on topics such as:
“Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to be the tool by which men deal with one another, men become the tools of men. Blood, whips, and guns – or gold. Take your choice – there is no other – and your time is running out.” – Ayn Rand
by Jake Towne, the Champion of the Constitution
Originally published Saturday, July 25, 2009 at http://www.nolanchart.com/article6666.html
Douglas Gnazzo’s 2008 book, Honest Money: A History of United States Gold and Silver Currency, is an essential add to the reading list of any serious student of monetary systems. Far shorter than the massive tome of Edwin Vieira’s hopefully-soon-to-be-reprinted Pieces of Eight at 226 pages, Gnazzo takes the reader on a pleasurable blitzkrieg through our country’s rich monetary history, from the founders and the Constitution to modern times. Perhaps the most enthralling section of the book is the closing chapters where Gnazzo’s gives his thoughts on a future commodity-based currency and, more importantly, how to transition there from where we are now. Like myself, Gnazzo has called for a national debate on the subject before it is too late.
Gnazzo splashes all the colors of the truth on the wall for his readers. He relates how our money was slowly debased by the politicians’ wars and those pesky central bankers who weeviled their way back into power after America’s first two central banks were destroyed. He relates how the destructive virus of public debt was sown in during the founding of our country chiefly by Alexander Hamilton, the Revolutionary war hero and mercantilistic servant of the aristocracy in America.
Musing on the famous poem by American poet Henry Wadsworth Longfellow and the world monetary system. A European organization called the United Future World Currency created by former central bankers is exposed.
by Jake Towne, the Champion of the Constitution
Originally published on Thursday, July 9, 2009 at http://www.nolanchart.com/article6610.html
Yesterday I was unpacking my books from China, a chore that took a few hours. I came upon a wonderfully illustrated, hardbound edition of Henry Wadsworth Longfellow’s “The Wreck of the Hesperus.” Unable to resist, I sat down and cracked it open – the copy is about 70 years old. (photo1photo2)
For a little background, Longfellow was a New Englander who lived seaside for much of his life from 1807-1882. Many of his poems have a rhythmic cadence, and he is also very well known for the poem “Paul Revere’s Ride.” Here is “The Wreck of the Hesperus:”
This is not your usual Ron Paul video. He seems a bit uncomfortable being the one expected to initiate the questions, but as the discussion moves along he becomes more comfortable (or maybe it’s me that feels uncomfortable with Ron Paul in this role).
There were some fascinating moments. The discussion regarding Thomas Jefferson and how his presidency did not quite match his rhetoric was one of these moments. The discussion of Herbert Hoover and Woodrow Wilson are others. During the discussion we also find out which U.S. President Ron Paul thinks was the worst in history.
The full interview is embedded below. It is almost 60 minutes long. If you have problems with the video below you can watch it directly on youtube. There are some audio/video sync problems in part 5 (FYI).
After completing Trace Mayer’s excellent ebook, “The Great Credit Contraction“, I stopped reading and said aloud, “Wow”. I started reading it with the intention of reading a few pages. Much to the detriment of sleep I ended up reading half the book in the first sitting.
The dollar truly is an illusion and gold is real money. Mayer’s book hammers this home in a profound way. One of the great things about the book is that it covers the fundamentals and history of money as we know it. If you ever wondered how the idea of fractional reserve banking came about then you should read this book. If you want an answer to the question, “What is money?”, then this book is for you.
Mayer utilizes several quotes from economists past and present to reinforce his points. He invokes the likes of Ron Paul, Lew Rockwell, Ludwig Von Mises, Alan Greenspan, and many others.
I considered calling “Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse” by Tom Woods, your bible for the economic meltdown, but the Bible, although a very interesting read, is littered with ambiguity. There is zero ambiguity in this book. The book is more like a timely and perfect travel guide, full of facts and well-argued opinions covering all of the economy’s hot spots. What Ron Paul’s “The Revolution: A Manifesto” accomplished for political ideas in the wake of his Presidential campaign, this book accomplishes for economic thought in a time of financial turmoil
I would venture to say that the book is the modern day equivalent of “Economics in One Lesson” by Henry Hazlit. While some of “Meltdown” is devoted to our current situation it is also filled with lessons in Austrian economic theory. But it is not written for economists, it is written for you and me.
To understand why the bailouts and stimulus packages will not work, read it. To understand the real reason the Great Depression ended, read it. To understand economics without being an economist, read it.
This wasn’t intended to be a book review of Woods’ latest book. Look for that soon. Until then watch Tom Woods deliver another excellent speech at the Liberty Forum during CPAC 2009 below. It is in two parts. Yes, the lighting is horrid, but it is the words that count.
The book’s author David Post weaves the history of America as seen through Thomas Jefferson’s eyes tightly around the history, growth, and governance of the Internet. And what about this moose?
I’m glad I read this book earlier this year. How glorious it would be to be handing it out to all of the Obama revelers today in DC. Since there are 2 million of them though this is an impossible task.
Instead, why not buy it for your favorite Obama dreamer today.
Liberty Maven
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” all rolled into one and you come very close to describing “5 Steps To Freedom”.
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” accomplished for political ideas in the wake of his Presidential campaign, this book accomplishes for economic thought in a time of financial turmoil
” by Henry Hazlit. While some of “Meltdown” is devoted to our current situation it is also filled with lessons in Austrian economic theory. But it is not written for economists, it is written for you and me.
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