Earlier today, I saw a Tweet showing our National Debt is fast approaching $27 Trillion and I jokingly thought to myself, “at least John Maynard Keynes had an economic philosophy.” https://www.usdebtclock.org/
You may have heard the following or something similar: You cannot legislate the poor into freedom by legislating the industrious out of it. You don’t multiply wealth by dividing it. The government cannot give anything to anybody that it doesn’t first take from somebody else. Whenever somebody receives something without working for it, somebody else must work for it without receiving it. The worst thing that can happen to a nation is for half of the people to get the idea they don’t have to work because somebody else will work for them, and the other half to get the idea that it does no good to work because they don’t get to enjoy the fruits of their labor.
Murray Rothbard said of “Keynesian” economics “The General Theory was not truly revolutionary at all, but merely old and oft-refuted mercantilist and inflationist fallacies dressed up in shiny new garb, replete with newly constructed and largely incomprehensible jargon.”
The only time that John Maynard Keynes’s theory arguably worked was in the Post WWII era. Of course, given most of the world was in ruin and dozens upon dozens of nations were occupied by Allied Forces it’s easy to see how the idea of central control and large spending projects to aid in recovery would make sense. However, central control only works in specific circumstances such as immediately following a devastating war and only for a short period of time. In these instances, in order to be successful, we see the prevailing party quickly look to establish some form of local and self-governance in order to de-tangle the occupying force and give the civilian population buy-in all while reducing the burdens that come with running a government.
But my point isn’t meant to be a history class or a lesson in Military Science or Diplomacy. My point is central planning and control of a large nation and its accompanying economy over the course of more than several months or a year or two at most, it’s not only not wise, it’s ruinous and more devastating than the events that precipitated its necessity. Any initial successes will quickly fade as human nature even in the most extreme forms of government leads people to want more self and local control.
The Greatest Depression
When we don’t have more self and local control and common-sense national initiatives, we’re staring a depression that will make the “Great Depression” look like the grand good ole days.
In the long term, it leaves the health or strength of our economy in the hands of very few people such as the Chairman of the Federal Reserve and those associated with the “Fed,” people who are wealthy enough to never really feel the burden of their continued mostly bad decisions.
If you do a little research, you’ll find that since the Federal Reserve Act of 1913 which created the Federal Reserve, we’ve witnessed the worst economic crises’ in our history such as the “Great Depression” and the more recent “Great Recession.” We’ve also seen the continued rise in National Debt, rising inflation and an economy backed on the “full faith and credit of …” but not the “Gold Standard.” With prices for everything constantly rising, and the buying power of the dollar dwindling, we see more people clamor for more government, more stimulus, more government programs etc. which only creates more problems.
On the other hand, when capitalism aka “pure capitalism” is left to individual choices and minimal government interference, the economy is stronger, prices are lower, employment numbers are higher, the buying power of the dollar is stronger, products are made better and they last longer.
End the “Fed” Now
The few reasons I’ve given above and other great reasons are why I advocate for a complete repeal of the Federal Reserve Act of 1913 and once and for all bring an end to the “Fed”. Bottom line, you can keep the Keynesian, The Marxian, the Socialist and, Georgist economic models, I’ll stick with men like F.A. Hayek and the Father of the Austrian School of Economics Carl Menger.
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