Thursday, October 2, 2008

American Fascism?

"Exactly what the government will do remains to be determined. Officials from the Treasury and the Fed and members of Congress intend to spend the weekend hammering out the details. Be afraid, be very afraid. ... If, as anticipated, the Treasury moves next to assume the rotten paper currently being held by banks and other lenders (presumably mortgages and related securities, for the most part), then it is fair to conclude that the government has given up entirely on the free market and has decided to to occupy the wasteland where outright socialism and economic fascism meet. ... The question is, How many times can the government race its emergency bailout vehicle toward the cliff without dragging the entire economy irretrievably into the abyss of outright socialism or full-fledged, Mussolini-style economic fascism?", Robert Higgs (RH) at Beacon, 19 September 2008, http://www.independent.org/blog?p=198.

"I was opposed to George W. Bush's presidency from the very start. I have always known he was no conservative, and that he bore no allegiance to the Constitution he once described as nothing but 'a goddamned piece of paper.' ... With yesterday's announcement of the fifth and largest bailout to take place this year, the Bush administration has shown itself to be easily the most left wing since FDR was ensconced upon the Cherry Blossom Throne. ... The reality is that the American financial system is not a free market, and it is not even remotely capitalist. It is actually a parasitical system, in which the financial elite prey upon the capitalists by virtue of having purchased political approval for their predation. ... The global economy concept should be the next to fall. Although they don't realize it yet, Americans are facing their most important nexus since the Civil War", my emphasis, Vox Day (VD) at World Net Daily, 22 September 2008, the link: http://www.worldnetdaily.com/index.php?pageId=75866.

Book suggestion, Crisis and Leviathan by RH, 1987. RH says plenty.

Yes, VD, that's what our financiers are, parasites, not capitalists. Vladimir Nuri makes similar points, see my 14 June 2008 post, http://skepticaltexascpa.blogspot.com/2008/06/most-wonderful-paper.html.

5 comments:

Jesse said...

Excellent quotations and thank you for them.

I was a conservative from the days of Barry Goldwater vs. LBJ, which was the tender age of 15. I cut my teeth reading Edmund Burke and James Burnham.

To say that G.W.Bush is no conservative, like his father was not, is an understatement.

He is unprincipled, except for the principle of privilege and self-interest.

But I felt similarly, almost violently, repelled by the Clinton's version of statism.

To me, Bush is just the flip side of the Clintons: unprincipled elitist will to power.

Independent Accountant said...

Jesse:
I never read anything by Burke. I read Burnham's "Suicide of the West", 1964, in about 1970. You're welcome to the quotes. I agree, Bush is unprincipled.
Ah, Barry Goldwater. 1964, Phoenix, "Extremism in the defense of liberty is no vice. Moderation in the pursuit of justice is no virtue". With that the crowd stood and roared. It was only 44 years ago, but I remember.

Jesse said...

Here Comes a Tsunami of Credit Default Swaps.

Be sure to mark your calendar.

http://tinyurl.com/4qoh6c

Adrienne said...

This is a great post, and in fact all of your Fed topics are amazing.

It's all that much more refreshing that you are a CPA on top of it.

The holes built directly into the Fed system are obviously starting to show, and it's unfortunate that it's going to take a total collapse of our current system before Americans wake up and realize that we've been being fleeced by the Fed all these years...

Thank you!

Independent Accountant said...

Adrienne:
Thanks. Why does my being a CPA surprise you?
What do you find so surprising about the Fed? If interested in the Fed, you can read material by the American Institute of Economic Research in Great Barrington, MA 01230. Also www.aier.org. I was first exposed to AIER in 1958 and read some material by it concerning the US balance of payments problems. You can also read almost anything by Henry Hazlitt.