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Linz's Mario Book—Updated!
Obleftivist Yawon Bwook says Donald Twump is "THE villain of our time." Which of the following best accords with your view?
Yes he is
He's not a villain but a hero
Putin might be a bigger villain
The mullahs might be bigger villains
ISIS might be bigger villains
Ugly Wimmin might be bigger villains
Black Lives Matter might be bigger villains
Snowflake moronnials might be bigger villains
College professors might be bigger villains
Fake News outlets might be bigger villains
Pomowankers might be bigger villains
Obleftivists might be bigger villains
None of the above—specify
Total votes: 10
Submitted by Peter Cresswell on Tue, 2008-10-07 00:02
Well, that worked, didn't it! The overnight collapse of world stock markets, led by a seven percent one-day drop in the US Dow Jones index, shows just how well the trillion-dollar bailout worked to arrest economic collapse.
In two words: It didn't.
One trillion dollars of printed money just disappeared down the black hole marked "failed economic theory."
The lesson is obvious to those who know what they're looking at. The naked emperors of mainstream economic theory have no clothes. To everyone else however -- and sadly, "everyone else" seems to describe most of the emperors themselves: the people with their hands in the till, their heads in the sand and their hands on the legislative tillers -- the failure of the bailout is only going to lead to more calls for more bailouts, more regulation and even more government control of the economy.
And like the leeches and blood-letting of an earlier age, the cures will only exacerbate the disease, and credit crunch will lead to credit crunch which will eventually lead to near-complete state takeover of the financial system.
For most of the ignorati in positions of power and influence, the state played no part in the economic collapse. No part in the government-sponsored mortgage banks and the state's insistence on lending to people who couldn't pay for it; no part in the state's restrictions on land and lack of restrictions on their own destructive spending; no part in setting up and backstopping the inherently bankrupt fractional reserve banking system
Talk about ignoring the obvious: especially the multi-billion dollar golden shower that Alan sprayed over financial
We sure are, some from people who should know better, but most from people in a position to do even more damage:
Well, no it hasn't, but it's going to be a hard job convincing the ignorati of that.
The plaintive cries are almost messianic -- a clear and present danger when the present US election pits two economic ignoramuses against each other, one of them with a messianic aura not seen since Franklin Roosevelt hit the White House and began to strangle the US economy.
Roosevelt is a reliable litmus test of statism: as an unreconstructed apostle of big government, exuberant interventionism, voodoo economics, and state welfare used as an electoral club, anyone who calls himself an admirer can be seen immediately as a statist of the first water.
There are two admirers just one election away from the White House.
We are in a crisis of political economy. The crisis is economic; it was caused by politics. As Chris Sciabarra argues, "The current state and the current banking system require one another; neither can exist without the other. They're so reciprocally intertwined that each is an extension
The present banking system needs the state's imprimatur to maintain its dangerously fraudulent (and fragile) fractional reserve system, and the credit spigot of the world's central
The crisis was caused by governments.
When we see the destruction caused by the depression of the thirties and the means by which the Roosevelts of the world both extended it and then used it to permanently enthrone big government, it should be clear to anyone with eyes to see that what politicians do in the next few months will effect us all for good or ill for at least a generation.
I urge all readers of NOT PC who do understand the issues at stake to make your voices heard. Loudly!
UPDATE 1: "Regulators cannot avert the next crisis," says Johan Norberg in The Australian, but they can and probably will make it much, much worse.
UPDATE 2: European commentators are now screaming for the printing presses to be turned up high to rescue all the blunderers. Screams one idiot in The [UK] Telegraph:
Well, no, the imminent and present danger is more of what caused the problem in the first place, which is more and more money pouring off the government's printing presses. The Telegraph commentator quotes approvingly US Fed chairman Ben Bernanke from his 2002 "helicopter" speech extolling the virtues of his inflationary central bank:
As Lew Rockwell explained a year ago, when the cost of Bernanke's printing press was already obvious to those who knew what they were looking at:
As Austrian economists, and some of the saner mainstream economists have been saying to little notice, the pain caused by Bernanke's printing press is now inevitable -- the only choice is whether the pain is dragged out for years and even exacerbated by meddling and interventionism, as Roosevelt did in the thirties; whether it's dragged out for a decade of stagflation, as it did for Japan in the "lost decade" of the nineties; or whether we bite the bullet and have our
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