Laissez Faire Responsible for Our Financial Crisis

Discussion in 'Current Events' started by wkmac, Oct 24, 2008.

  1. wkmac

    wkmac Well-Known Member

  2. diesel96

    diesel96 New Member

    Fmr. Fed. Reserve Chairman Alan Greenspan acknowledged that he was mistaken in opposing regulation of the derivatives market. He testified at a House Oversight Cmte. hearing with SEC Cmsn. Chairman Christopher Cox & fmr. Treasury Sec. John Snow.

    Greenspan Concedes to `Flaw'


    By the way....You spelled Lazy faries wrong "ya more-on".....And why you blaming purdy lil' critters for our financial crisis?.....:wink2:

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  3. wkmac

    wkmac Well-Known Member

    Dear Micheal Moore

    http://www.lewrockwell.com/orig9/steinberg9.html


    Crony Capitalism

    http://www.lewrockwell.com/orig9/butler-b2.html


    More cronyism

    http://www.reuters.com/article/vcCandidateFeed1/idUSN2431703620080324


    Founder of American Crony Capitalism

    http://www.mises.org/story/3164


    Merchantilism

    http://www.econlib.org/library/Enc/Mercantilism.html

    And lastly, from a 2003' piece quoting Greenspan himself from a 1966' article entitled, "Gold and Economic Freedom."

    http://www.lewrockwell.com/north/north204.html

    With gold as the fixed reserve, cranking up the printing press at will to print money and expand gov't is literally prohibited by the nature of the system itself. Article 1 Section 10 in the Constitution which reads:

    http://www.law.cornell.edu/constitution/constitution.articlei.html (you might also read section 8 about who is authorized to "coin" money!

    Talk about a powerful "check and balance" against excessive gov't by debt creation.

    It even provides a further barrier to merchantilist type war by having a fixed ceiling of debt and beyond that the means of war would then become necessary only at the hand of pure increased taxation. In other words, waging war becomes a mechanism of pure defense rather than as a means of merchantilist colonial expansion. Now the burden of war becomes obvious to all through the tax burden and only those crisis of true national threat will win the day and then be maintained. Also the importance of full out "kill the threat quickly" becomes a necessity should the need arise instead of having what some has described at potentially a 100 year war. Also, provocative meddling foreign policy that generates destructive blowback would be tempered with the knowledge that the means to pay for such actions ie tax increases could cause someone to be voted out of office or political party to fall out of favor.

    National debt to future generations for the pleasures of the present would drift away as we would have a gov't more on the pay as you go plan. What in the form of taxes would we pay for the gov't we have today if the mechanism of debt was restricted to a pay for it as you go? And without fiat money creation, inflation of the value of money itself would become a thing of the past so to speak thereby protecting the most threatened in this, that being the poor and those on fixed income.

    Want a economic check and balance to excessive big gov't that is over reaching?

    Truth of the matter with Greenspan, he completely abandoned laissez faire economics a long time ago. If what is called "conservative" today is nothing of the sort and in fact the term hijacked by people far removed from real old school conservatism and it's underlying 18th century classical liberal principles, then is it possible they have done the same with terms like free market and laissez faire economics?
    :surprised: