Common Sense

PERHAPS the sentiments contained in the following pages, are not yet sufficiently fashionable to procure them general favor; a long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defence of custom. But the tumult soon subsides. Time makes more converts than reason. -Thomas Paine (1737-1809). Common Sense, 1776

Monday, November 03, 2008

Why To Abolish The Federal Reserve. In A Nutshell.

Abolishing the Fed would put a huge brake on the planning state. Without the ability to expand the money supply at will, the federal government would become about as threatening as state or local government. That is to say, the federal government would still be an intolerable imposition on life, liberty, and property. But we wouldn't be worrying about hyperinflation, large scale bubbles in specific sectors, crazy business cycles, trillion-dollar bailouts, controls that reach into every nook and cranny of our lives, a cradle to grave welfare state, or a global empire that invades any and every country at will, and makes America the enemy to whole regions of the world.

That's only the beginning of what the end of the Fed would mean. It would dramatically change the political culture in this country. Bureaucracies would tumble. Trade would stabilize. ...The left could no longer live out its pipe dreams of socialist utopia at our expense. The right would have to give up its wacky notion of a world police state. The power ambitions of whole sectors of society would be scaled back.

The state is always and everywhere a danger, even when it has no monopoly on money and no printing press that can create money tickets at will. But a state with the ability to make its own money is a grave and relentless threat to prosperity and freedom. It leaves the future entirely to the discretion of the money managers. Every day we live under the threat that the US could be the next Weimar Republic or even another Zimbabwe. All that stands between us and that day is the wisdom and prudence of the Fed. -- Why Austrian Economics Matters More Than Ever, by Llewellyn H. Rockwell, Jr.

2 Comments:

At 12:30 AM, Blogger 昏睡 said...

Necessity is the mother of invention..........................

 
At 11:44 PM, Blogger proswet654 said...

Man proposes, God disposes...................................................

 

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