Free Market
David Stockman speaks at the Manhattan Mises Circle
0How Crony Capitalism Corrupts the Free Market
Source: http://www.lewrockwell.com
Posted by Ryan W. McMaken
The Biggest, Most Corrupt Bank Scheme That’s Not Being Stopped
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Posted by TheYoungTurks
“Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world’s largest banks may be fixing the prices of, well, just about everything.”*
The Libor bank scandal has nothing on the newest interest rate swap manipulation scheme where bankers are going completely unchecked. This is a $379 trillion market– why are bankers allowed to manipulate it without restraint? Cenk Uygur breaks it down.
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Yes, a major bank scheme, yes, the game is rigged, and this bank scheme is only one of many.
Ron Paul On The Bubbles the Federal Reserve Is Creating
0Source: http://www.economicpolicyjournal.com
On Monday, Ron Paul continued his examination of failed Fed policies in his latest “Texas Straight Talk”.
Dr. Paul said:
Although many were up in arms when the Fed said it would buy $600 billion in government debt outright for the previous round, QE2, all seems quiet about the magnitude of QE3 because it doesn’t come with huge up-front total price tag. But by year’s end the Fed’s balance sheet could hit $4 trillion.
With no recovery in sight, where’s all this money going? It is creating bubbles. Bubbles in the housing sector, the stock market, and government debt.
The stock market has been hitting record highs for the past two months as investors seek to capitalize on the Fed’s easy money. After all, as long as the Fed keeps the spigot open, nominal profits are there for the taking. But this is a house of cards. Eventually, just like in 2008-2009, the market will discipline the bad actions of the Fed and seek to find the real normal.
Here’s the full broadcast:
Another Nail in the Neocon Coffin
0Source: http://lewrockwell.com
The recent opening of the Ron Paul Institute for Peace and Prosperity was a watershed moment in American history. There has never been anything quite like it. Ideologically diverse, the Ron Paul Institute reaches out to all Americans, and indeed to people all over the world, who find the spectrum of foreign-policy opinion in the United States to be unreasonably narrow. Until Ron Paul and his new institute, there was no resolutely anti-interventionist foreign-policy organization to be found.
Neoconservatives have not responded warmly to the announcement of Ron’s new institute. Whatever their particular gripes, we can be absolutely certain of the real reason for their unhappiness: they have never faced systematic, organized opposition before.
The Democrats would see Lincoln pried out of his temple before supporting nonintervention abroad, so they pose no fundamental problem for the neocons. Ron Paul, on the other hand, is real opposition, and he can mobilize an army. The neocons know it. What’s Tim Pawlenty up to these days? Where are his legions of well-read young fans who seek to carry on his philosophy? You see the point.
For the first time, strict nonintervention will have a permanent voice in American life. It is another nail in the neocon coffin. The neocons know they are losing the young. Bright kids who believe in freedom aren’t rallying to Mitt Romney or David Horowitz, and, like anyone with a critical mind and a moral compass, they are not going along with the regime’s war propaganda.
At this historic moment, I thought it might be appropriate to set down some thoughts on war – a manifesto for peace, as it were.
(1) Our rulers are not a law unto themselves.
Our warmakers believe they are exempt from normal moral rules. Because they are at war, they get to suspend all decency, all the norms that govern the conduct and interaction of human beings in all other circumstances. The anodyne term “collateral damage,” along with perfunctory and meaningless words of regret, are employed when innocent civilians, including children, are maimed and butchered. A private individual behaving this way would be called a sociopath. Give him a fancy title and a nice suit, and he becomes a statesman.
Let us pursue the subversive mission of applying the same moral rules against theft, kidnapping, and murder to our rulers that we apply to everyone else.
(2) Humanize the demonized.
We must encourage all efforts to humanize the populations of countries in the crosshairs of the warmakers. The general public is whipped into a war frenzy without knowing the first thing – or hearing only propaganda – about the people who will die in that war. The establishment’s media won’t tell their story, so it is up to us to use all the resources we as individuals have, especially online, to communicate the most subversive truth of all: that the people on the other side are human beings, too. This will make it marginally more difficult for the warmakers to carry out their Two Minutes’ Hate, and can have the effect of persuading Americans with normal human sympathies to distrust the propaganda that surrounds them.
(3) If we oppose aggression, let us oppose all aggression.
If we believe in the cause of peace, putting a halt to aggressive violence between nations is not enough. We should not want to bring about peace overseas in order that our rulers may turn their guns on peaceful individuals at home. Away with all forms of aggression against peaceful people.
(4) Never use “we” when speaking of the government.
The people and the warmakers are two distinct groups. We must never say “we” when discussing the US government’s foreign policy. For one thing, the warmakers do not care about the opinions of the majority of Americans. It is silly and embarrassing for Americans to speak of “we” when discussing their government’s foreign policy, as if their input were necessary to or desired by those who make war.
But it is also wrong, not to mention mischievous. When people identify themselves so closely with their government, they perceive attacks on their government’s foreign policy as attacks on themselves. It then becomes all the more difficult to reason with them – why, you’re insulting my foreign policy!
Likewise, the use of “we” feeds into war fever. “We” have to get “them.” People root for their governments as they would for a football team. And since we know ourselves to be decent and good, “they” can only be monstrous and evil, and deserving of whatever righteous justice “we” dispense to them.
The antiwar left falls into this error just as often. They appeal to Americans with a catalogue of horrific crimes “we” have committed. But we haven’t committed those crimes. The same sociopaths who victimize Americans themselves every day, and over whom we have no real control, committed those crimes.
(5) War is not “good for the economy.”
A commitment to peace is a wonderful thing and worthy of praise, but it needs to be coupled with an understanding of economics. A well-known US senator recently deplored cuts in military spending because “when you cut military spending you lose jobs.” There is no economic silver lining to war or to preparation for war.
Those who would tell us that war brings prosperity are grossly mistaken, even in the celebrated case of World War II. The particular stimulus that war gives to certain sectors of the economy comes at the expense of civilian needs, and directs resources away from the improvement of the common man’s standard of living.
Ludwig von Mises, the great free-market economist, wrote that “war prosperity is like the prosperity that an earthquake or a plague brings. The earthquake means good business for construction workers, and cholera improves the business of physicians, pharmacists, and undertakers; but no one has for that reason yet sought to celebrate earthquakes and cholera as stimulators of the productive forces in the general interest.”
Elsewhere, Mises described the essence of so-called war prosperity: it “enriches some by what it takes from others. It is not rising wealth but a shifting of wealth and income.”
(6) Support the free market? Then oppose war.
Ron Paul has restored the proper association of capitalism with peace and nonintervention. Leninists and other leftists, burdened by a false understanding of economics and the market system, used to claim that capitalism needed war, that alleged “overproduction” of goods forced market societies to go abroad – and often to war – in search for external markets for their excess goods.
This was always economic nonsense. It was political nonsense, too: the free market needs no parasitical institution to grease the skids for international commerce, and the same philosophy that urges nonaggression among individual human beings compels nonaggression between geographical areas.
Mises always insisted, contra the Leninists, that war and capitalism could not long coexist. “Of course, in the long run war and the preservation of the market economy are incompatible. Capitalism is essentially a scheme for peaceful nations…. The emergence of the international division of labor requires the total abolition of war…. The market economy involves peaceful cooperation. It bursts asunder when the citizens turn into warriors and, instead of exchanging commodities and services, fight one another.”
“The market economy,” Mises said simply, “means peaceful cooperation and peaceful exchange of goods and services. It cannot persist when wholesale killing is the order of the day.”
Those who believe in the free and unhampered market economy should be especially skeptical of war and military action. War, after all, is the ultimate government program. War has it all: propaganda, censorship, spying, crony contracts, money printing, skyrocketing spending, debt creation, central planning, hubris – everything we associate with the worst interventions into the economy.
“War,” Mises observed, “is harmful, not only to the conquered but to the conqueror. Society has arisen out of the works of peace; the essence of society is peacemaking. Peace and not war is the father of all things. Only economic action has created the wealth around us; labor, not the profession of arms, brings happiness. Peace builds; war destroys.”
See through the propaganda. Stop empowering and enriching the state by cheering its wars. Set aside the television talking points. Look at the world anew, without the prejudices of the past, and without favoring your own government’s version of things.
Be decent. Be human. Do not be deceived by the Joe Bidens, the John McCains, the Barack Obamas and Hillary Clintons. Reject the biggest government program of them all.
Peace builds. War destroys.
May 1, 2013
Llewellyn H. Rockwell, Jr. [send him mail], former editorial assistant to Ludwig von Mises and congressional chief of staff to Ron Paul, is founder and CEO of the Mises Institute, executor for the estate of Murray N. Rothbard, and editor of LewRockwell.com. See his books.
Copyright © 2013 by LewRockwell.com. Permission to reprint in whole or in part is gladly granted, provided full credit is given.
Professor Fekete on the Gold Smash: “Who Said the Hydra Would Take it Lying Down”
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Source: http://libertyblitzkrieg.com
Ostensibly a lower gold price would solve the problem Bernanke has. Demoralized gold bugs would be forced out of their holdings through margin calls. Disillusioned investors would shun gold. This would make physical gold available to rescue the strapped gold futures market.
In fact, however, a lower gold price is making the problem more intractable, not less. The Fed is diving from the frying pan into the fire. This is the point missed by almost all observers and market analysts. They ignore the underlying flight into physical gold that continues unabated, in spite of (or, better still, because of) the panic in the paper gold market. The Fed’s intervention in bankrolling short interest is going to back-fire, for the following simple reason. The Fed’s strategy is inherently contradictory. A lower price for paper gold makes it easier, not harder, to demand delivery on maturing futures contracts.
- Professor Antal E. Fekete
Of all the articles I have read since the attack on the precious metals markets, this piece by Professor Fekete is the best one yet. I completely agree that this was an extremely desperate and brazen attempt by the Central Planners, one that is quite clearly backfiring big time. My favorite excerpts are below:
In waking up too late that there was a problem after gold futures markets have been flirting with backwardation for a year or so, officialdom was forced to act. Act it did in a typically haphazard fashion. A few days ago, on April 12 and 15 the paper gold market was demoralized by a ferocious attack on the lofty gold price. This in and of itself is proof that Bernanke is fully aware that permanent gold backwardation is imminent, and that it will create and unmanageable situation. It’s got to be stopped in its track at all hazards.
Well, well, well. Gold is not the same as frozen pork bellies after all. The Hydra is not taking it lying down. The kid gloves have finally come off.
Bernanke is trying to stop gold backwardation by selling unlimited amount of gold futures contracts through his stooges, the bullion banks. He is underwriting losses they are certain to suffer in due course. We can take it for granted that they haven’t got the gold to make delivery on their contracts. In fact, delivery of gold will be suspended under the force majeure clause. Short positions will have to be settled in cash, to be made available by the Fed’s printing presses. Gold futures trading will be a thing of the past.
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Image added to original post.
Homeschooling: The Future of Liberty
0Source: http://www.the-free-foundation.org
By Ron Paul
Homeschooling: The Future of Liberty
A common feature of authoritarian regimes is the criminalization of alternatives to government-controlled education. Dictators recognize the danger that free thought poses to their rule, and few things promote the thinking of “unapproved” thoughts like an education controlled by parents instead of the state. That is why the National Socialist (Nazi) government of Germany outlawed homeschooling in 1938.
Sadly, these Nazi-era restrictions on parental rights remain the law in Germany, leaving parents who wish greater control over their children’s education without options. That is why in 2006 Uwe and Hannalore Romeike, a German couple who wanted to homeschool their three children for religious reasons, sought asylum in the United States. Immigration judge Lawrence Burman upheld their application for asylum, recognizing that the freedom of parents to homeschool was a “basic human right.”
Unfortunately, the current US administration does not see it that way, and has announced that it is appealing Judge Burman’s decision. If the administration is successful, the Romeikes could be sent back to Germany where they will be forced to send their children to schools whose teaching violates their religious beliefs. If they refuse, they face huge fines, jail time, or even the loss of custody of their children!
The Administration’s appeal claims that the federal government has the constitutional authority to ban homeschooling in all fifty states. The truth is, the Constitution gives the federal government no power to control any aspect of education. Furthermore, parents who, like the Romeikes, have a religious motivation for homeschooling should be protected by the free exercise clause of the First Amendment.
The federal government’s hostility to homeschooling is shared by officials at all levels of government. Despite the movement’s success in legalizing homeschooling in every state, many families are still subjected to harassment by local officials. The harassment ranges from “home visits” by child protective agencies to criminal prosecution for violating truancy laws.
Every American who values liberty should support the homeschoolers’ cause. If the government can usurp parental authority over something as fundamental as the education of their children, there is almost no area of parenthood off limits to government interference.
Homeschooling has proven to be an effective means of education. We are all familiar with the remarkable academic achievements, including in national spelling bees and other competitions, by homeshcooled children. In addition, homeschooled students generally fare better than their public school educated peers on all measures of academic performance.
It makes sense that children do better when their education is controlled by those who know their unique needs best, rather than by a federal bureaucrat. A strong homeschooling movement may also improve other forms of education. If competition improves goods and services in other areas of life, why wouldn’t competition improve education? A large and growing homeschooling movement could inspire public and private schools to innovate and improve.
When the government interferes with a parent’s ability to choose the type of education that is best for their child, it is acting immorally and in manner inconsistent with a free society. A government that infringes on the rights of homeschooling will eventually infringe on the rights of all parents. Homeschooled children are more likely to embrace the philosophy of freedom, and to join the efforts to restore liberty. In fact, I would not be surprised if the future leaders of the liberty movement where homeschooled.
I believe so strongly in the homeschooling movement that I have just announced my own curriculum for homeschooling families. Please visit this revolutionary new project at http://www.ronpaulcurriculum.com.
This column may be reprinted and/or redistributed by electronic means provided author credit is given and no alterations made.
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