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Showing posts from December, 2015

Happy New Year from a prestigious thief

We think of thieves as conducting their work when no one is looking, such as breaking into a house while the owners are away.But the most successful thieves have done their stealing in plain sight, on a grand scale, while the owners are home and often with their tacit approval, though with sleight of hand techniques that not one man in a million is able to detect.Such a thief entered our lives when Woodrow Wilson signed the Federal Reserve Act into law on December 23, 1913.
A central bank such as the Fed has a remarkable character.  According to establishment boilerplate it’s purpose is to stabilize the economy and ensure prosperity and “full employment.”  The decision makers at the Fed are of necessity selected for their superhuman brilliance and neutrality of judgment, thus qualifying them to adjust the amount of money available to the banks so that they may in turn serve the interests of a public numbering some 322,267,564.  If for some reason certain members of the public don’t r…

Take comfort, libertarians, the future is ours

Bad news: Government is getting bigger and more oppressive.
Good news: As it gets bigger it also gets weaker.
Better news: Technology is making us, as individuals, stronger.
How do we know government is getting weaker?  Because it is sustained by central bank counterfeiting and debt, and the lies of state sycophants.   How long can massive fraud last?  To say that government is corrupt is saying water is wet.  The whole apparatus of government — a bandit gang writ large, in Rothbard’s famous depiction — is an affront to civilization and human dignity.  Yet it’s the absence of government — anarchy — that we’re supposed to avoid at all costs. We’re avoiding it, all right, and we’re paying dearly for it.
Meanwhile, a quiet revolution is ongoing that almost no one seems to understand, yet is talked about incessantly: The rising power of technology.  Without asking our permission, technology is taking us down the path to anarchy.  How is this so?
Technology today is climbing up the curve o…

Was the Fed ever a good idea?

There’s an idea at root among some libertarians that the Federal Reserve was originally a sound institution that has grown corrupt.As a bankers’ bank, it’s fine, they believe, but not as the monster it’s grown to be.If only we could go back to the Fed’s founding charter, all would be well.
I’m thinking of two well-known financial analysts who are unsurpassed in their analytical brilliance and knowledge of markets, who rightly regard the bureaucratic FOMC as the father of bubbles, busts, stagnation, and market privilege.  In their articles they hammer the Fed relentlessly and rightfully for its cluelessness, corruption, and threat to our material and spiritual well-being.  They have authored engaging bestsellers on the state of the economy and place blame where it belongs, on the monetary policies of the federal reserve.  
Yet, strangely, their recommendations stop short of eradicating the cancer altogether.  They want the Fed reformed, not abolished.  In each case they believe the Fed…