not mythical forces but reason and ideas determine the course of human affairs, what is needed to stop the trend towards socialism and despotism is common sense and moral courage
- Ludwig Von Mises
Found this article on CNBC interesting this morning.
We are in a society that people except government to provide for them. When did we convince ourselves that we are entitled to health care?
It’s sad because we would almost all agree that our country needed health reform, but there was no talk of reforming the insurance industry,the FDA, or the pharmaceutical industry that pay millions to lobbyist to push new drug, and advertising new pills without proper safety testing.
There was no reform talk about changing our current “sick” care into real “health” care. Instead we passed a further reaching, more intrusive bill that 14 Attorney General are suing the Federal Government over being unconstitutional.
What a gigantic screw up.
When you take from the productive members of society and give to the unproductive, you have socialism. In what ever form you want to call it …. it’s the death throw of creativity and production in a society.
If your not familiar with Matt Taibbi, put him on your must read list. Matt is a writer for Rolling Stone and has written some of the best articles over the last year about what really happened with the bailouts. Who caused the economic crash, who made the money, and where did the money go.
His latest article “Wall Street’s Bailout Hustle“, is not only informative but entertaining. Telling the exact way a con man works his mark until he’s broken and confused. One thing is clear after reading Taibbi’s work. This was not a bunch of bad decision that went south, these banks absolutely knew what they were doing, and they are already at it again trying to creating a even bigger bubble to soak up more money.
“In fact, the FED became not just a source of emergency borrowing that enabled Goldman and Morgan Stanley to stave off disaster – it became a source of long term guaranteed income. Borrowing at zero percent interest, banks like Goldman now had virtually infinite ways to make money. In one of the most common maneuvers they simply took the money they borrowed from the government at zero percent and lent it back to the government by buying Treasury bills that paid interest of three or four percent. It was basically a license to print money – no different then attaching an ATM to the side of the Federal Reserve.
A lot of people are very upset about the rapidly increasing U.S. national debt these days and they are demanding a solution. What they don’t realize is that there simply is not a solution under the current U.S. financial system. It is now mathematically impossible for the U.S. government to pay off the U.S. national debt.
You see, the truth is that the U.S. government now owes more dollars than actually exist. If the U.S. government went out today and took every single penny from every single American bank, business and taxpayer, they still would not be able to pay off the national debt. And if they did that, obviously American society would stop functioning because nobody would have any money to buy or sell anything.
It does not take a majority to prevail.
But rather an irate tireless minority, keen on setting brushfires of freedom in the minds of men
You will never know how much it has cost my generation to preserve your freedom, I hope you will make good use of it.
- John Quincy Adams