Posts tagged Mises
How Crony Capitalism Corrupts the Free Market
Posted by Ryan W. McMaken
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By Ron Paul
Until the late 1990s, individuals interested in Austrian economics, U.S. constitutional history, and libertarian philosophy had few sources of information. They had to spend hours scouring used book stores or the back pages of obscure libertarian periodicals to find the great works of Mises, Rothbard, Hayek, and other giants of liberty. Local library and university collections ignored libertarian politics and economics.
Today, however, the greatest classics of libertarian thought, libertarian philosophy, and libertarian economics are available instantly to anyone with internet access. Thanks to the internet, it is easier than ever before for liberty activists to spread news and other information regarding the evils of government power and the benefits of freedom. For the first time in human history, supporters of liberty around the world can share information across borders quickly and cheaply. Without the filter of government censors, this information emboldens millions to question governments and promote liberty.
This is why liberty-minded Americans must do everything possible to oppose– and stop– government attempts to censor or limit the free flow of information online.
One such attempt is known as “CISPA”, or the Cyber Intelligence Sharing and Protection Act. This bill will create a monstrous coalition of big business and big government to rob Americans of their protections under the 4th Amendment of the Constitution.
CISPA permits both the federal government and private companies to view your private online communications with no judicial oversight, provided they merely do so in the name of “cybersecurity.” But America is a constitutional republic, not a surveillance state– and the wildly overhyped need for security does not trump the Constitution.
“Cybersecurity” is the responsibility of companies that operate and make money in cyberspace, not taxpayers. Those companies should develop market-based private solutions to secure their networks, servers, cloud data centers, and user/customer information. The role of the US intelligence community is to protect the United States from military threats, not to provide corporate welfare to the private sector. Much like the TSA at the airport, CISPA would socialize security costs and remove market incentives for private firms to protect their own investments.
The United States of America is becoming more like Nazi Germany every single day. In fact, the Nazification of America is almost complete. The parallels between Nazi Germany and the United States of today are going to absolutely shock many of you. Most Americans simply have never learned what life was really like back in Nazi Germany. Under Adolf Hitler, Germany was a Big Brother totalitarian police state that ruthlessly repressed freedom and individual liberty. Under Adolf Hitler, Germany adopted socialism, dramatically increased government spending and raised taxes to astronomical levels. Under Adolf Hitler, abortion became legal in Germany, the government took over health care and Christianity was pushed out of the public schools and out of public life. To prove all of these points, I am going to use extensive quotes from two sources. Kitty Werthmann was a child living a peaceful life in Austria when Hitler took over her nation. Her eyewitness accounts about what life was like under Nazi Germanyare invaluable. In addition, I will also be quoting extensively from author Bruce Walker. He is the author of a book entitled “The Swastika Against The Cross: The Nazi War On Christianity”, and during his years of research he has uncovered some absolutely jaw dropping stuff. After reading the information in the rest of this article, there should be no doubt that the United States is becoming just like Nazi Germany.
Nazi Germany shows us what happens when the state becomes god. Adolf Hitler was certainly more racist than the leaders of America are today, but other than that there are very few differences between the road that Adolf Hitler led Germany down and the path that the United States is being led down.
The following are 25 signs that the Nazification of America is almost complete….
#1 Nazi Germany was a totalitarian Big Brother police state that constantly monitored everything that German citizens did.
Today, the bureaucrats that run things in the United States are also absolutely obsessed with constantly trying to monitor us. For example, there are now control freaks that inspect the lunches of preschool students in certain areas of the country in order to make sure that they contain the “right” foods….
A preschooler at West Hoke Elementary School ate three chicken nuggets for lunch Jan. 30 because the school told her the lunch her mother packed was not nutritious.
The girl’s turkey and cheese sandwich, banana, potato chips, and apple juice did not meet U.S. Department of Agriculture guidelines, according to the interpretation of the person who was inspecting all lunch boxes in the More at Four classroom that day.
The Division of Child Development and Early Education at the Department of Health and Human Services requires all lunches served in pre-kindergarten programs – including in-home day care centers – to meet USDA guidelines. That means lunches must consist of one serving of meat, one serving of milk, one serving of grain, and two servings of fruit or vegetables, even if the lunches are brought from home.
Thomas E. Woods, Jr., is the New York Times bestselling author of 11 books. A senior fellow of the Ludwig von Mises Institute, Woods holds a bachelor’s degree in history from Harvard and his master’s, M.Phil., and Ph.D. from Columbia University.
This is simply unbelievable.
For a long time, a very wealthy friend of mine who is an extremely good money manager had been sharing his IRA portfolio, and every buy or sell action he took, with anyone who asked to be added to his email list. He is the kind of guy the EMH (efficient markets hypothesis) assures us cannot exist, who pretty consistently and very impressively beat the market. His lifetime return on the account is in excess of 40% annually, and that includes the years of the recent financial crisis.
So if you wanted to invest exactly the same way he was, you could easily do so.
Not anymore. Now the government has chosen to protect us from people like him. From his email to friends:
This list began many years ago and grew out of my desire to help others who are friends but are not professional investors. The list started as a small group of friends and family but over time I added names as people asked for assistance. My thought process was that I would be doing a good deed. I figured from a “karma” point of view that I would be rewarded for sharing my best thinking. I did not guarantee success, but I guaranteed honesty in what I am doing . That is, I would report every single trade. Then each person could make their own decision whether to follow me or not. Those who have read Clausen’s The Richest Man In Babylon know that the simple key to growing wealth is to save 10% of what you make and invest it the way rich people invest. I never contributed more than $40,000 per year to the account and it is now over $6.0 million. My compound annual return from inception in 2003 is 42.76% and my return for the last five years (including 2011 down) is 52.96%. So it has performed well.
I never imagined that sending out this list hurt anybody, or in any way conflicted with my role as a the manager of an investment fund. I was not charging for advice and I was not selling anything. To use an analogy, it was as if I knew how to cook and I was sending out good recipes to friends. I made no implied or other commitment. I often advised people to seek their own counsel. Everyone who was on the list was an adult. In fact, many of the people on the list had expressed an interest in investing in our fund but they did not qualify under the oppressive government rules which prevent average savers from investing $10,000 or $30,000 with me. By law (a law that the big brokers and mutual funds love by the way) you can only invest in my fund if you are a “qualified investor” meaning you have assets of $1.5 million or earn $200,000 or both. Theoretically this is to protect small investors, but in reality what it does is restrict them from doing what they want and forces them to either invest on their own (think sheep sitting down with wolves to discuss dinner) or to hand their money over to the mutual fund industry (think sheep giving themselves to wolves). The LAW will not let you invest your money as you see fit. All for your protection of course. Personally, I think this is wrong. You should have the freedom to make your own choices.
So, since people expressed an interest in investing with me but could not, I added them to my IRA list. I tell you what I am doing, you make your own decisions, and no harm, no foul. I have always been very careful to only disclose my trades after [our] Fund had taken its own positions. In other words I have a fiduciary responsibility to put my investors first and I have always done so. This has been clearly disclosed to the IRA list several times. Unfortunately, with the passage of the Dodd Frank Bill and with the increasing size and success of [our firm] it now looks nearly certain that we are going to be subject to much stricter government regulation from the State of Massachusetts and the US Federal Government. Ironically, these organizations could not catch Bernie Madoff when they had a concerned citizen (Markopolous) pointing out the fraud. They have refused to prosecute the people at MF Global who stole customer money. Yet, they find it important that they monitor all of my emails and instant messages to make sure I am not doing anything illegal. The level of filings and registrations that we will have to go through are extremely burdensome. Frankly, I find it outrageous and disgusting that I cannot tell my friends what stocks I buy. I would think it would be protected under freedom of speech, yet in the securities industry nothing is so simple. I have been informed by my partner and multiple lawyers that I can no longer disclose what stocks I am buying and run an investment fund. Personally, I would like to fight this in court, but I have a responsibility to my partner and to my investors to focus on investing well. Therefore, I have to stop disclosing what we are doing. For that I apologize.
Tom Woods Speech at Ron Paul NH Boots on the Ground Party
Now more than every we need the Champion of the Constitution!
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The moment Hurricane Irene was sweeping through New York, Republican presidential candidate Ron Paul was calling for additional spending cuts before funding disaster relief.
The Texas congressman doubled down comments he made Friday that the nation was better off in the 1900s, before the existence of the Federal Emergency Management Agency (FEMA).
“Congressman, you would really at this point, do away with FEMA and all the things it’s doing to help hundreds of thousands of people along the East Coast?” Fox News Chris Wallace asked Paul.
“Have you ever read the reports that came out of New Orleans [after Hurricane Katrina]?” Paul laughed. “It’s a system of bureaucratic central economic planning, which is a policy that is deeply flawed.”
“So, no. You don’t get rid of something like that in one day… I propose we save a billion dollars from overseas war mongering, bring half of that home, put it against the deficit and yes, tide people over until we come to our senses and realize that FEMA has been around since 1978. It has one of the worst reputations for a bureaucracy ever.”
“I assume if the Obama administration comes and asks for a emergency funding bill for FEMA, you’re a definite no?” Wallace pressed.
“Where would the money come from?” Paul said, again laughing. “We don’t have any money… I would consider what I just said. I have precise beliefs in what we should do and I want to transition out of dependency on the federal governent.”
“But I would say, ‘Yes, Obama you want a billion dollars? Quit that war in Libya that is undeclared and unconstitutional. Bring those troops home, save two billion dollars. Put a billion against the deficit and tide our people over.’”
He continued: “We’ve conditioned our people that FEMA will take care of us and everything will be OK. But you try to make these programs work the best you can. You can’t just keep saying, ‘Oh, they need money.’ We’re out of money. The country is bankrupt.”
Watch this video from Fox’s Fox News Sunday, broadcast Aug. 28, 2011.